When we look at cost of housing, we need to distinguish rental premises from accommodation under mortgage. There are more rented residences (34%) and less fully owned residences (25%) on the Gold Coast when compared to State (32% and 27%) and National figures (29% for both). The percentage of housing under mortgage (31%) varied by only 1% from State and National figures.
With regard to the cost of housing, there are two main measures to take account of: mortgage repayments and rental payments. The median weekly mortgage repayment for the Gold Coast in 2016 was $443, which was $34-$37 pw higher than the State and National average. It was also $14 higher than median mortgages for Brisbane. 43% of monthly mortgage repayments were under $1,800 which was less than the State (49%) and National (48%) figures. 29% of monthly mortgage repayments were between $1,800 and $2,200 which was higher than the State and National average of 25%. 33% of repayments were greater than $2,200 which was higher than both the State and National figures (28% and 30%).
The median weekly rent on the Gold Coast in 2016 was $395 which was $55-$60 pw higher than the State and National average. It was also $32 pw higher than the average for Brisbane. In 2016, 69% of rental payments were in the range $300-$550 which was higher than the State and National percentages (53% and 48%). Only 18% pay less than $300 pw which is significantly less than the State and National average of 37% and 31%.
There were less fully owned premises and more rented premises on the Gold Coast when compared to State and National figures, although these variations were not large (less than 5%). There was more rental accommodation and less fully owned residences, although the residences under mortgage was the same as State and National figures. The median Gold Coast mortgage was 7% higher than State and National figures and with 4% more households paying mid-range mortgages when compared to State and National averages and 3-5% paying high range mortgages. The median Gold Coast rental was 15% higher than the State and National average, with substantially less households in the lowest rental bracket and substantially more people paying in the mid to high bracket. In summary, the cost of housing on the Gold Coast, whether rental or mortgage, was much more expensive.