The rental environment is set to change in several coastal areas, according to government initiatives.
Focusing on one particular area, the Queensland seaside suburb of Scarborough minister for housing and public works, Bruce Flegg, said that under the NRAS scheme rental properties are going to become more affordable.
"Queensland has 11,284 approved NRAS incentives, which is the largest share of all the states and territories," Mr Flegg said.
"Since the scheme started, 2,472 affordable rental properties have been delivered in Queensland."
With 50,000 dwellings planned nationwide, the NRAS scheme opens up affordable options to tenants by lowering the market rate by 25 per cent on those properties and gives a financial incentive to investors.
Mr Flegg pointed to an increase of investors in the area taking advantage of the scheme, saying that Scarborough also boasts much in the way of amenities; “including three schools, the Australian Technical College and employment opportunities in health, retail, seafood and service industries.”
Scarborough currently has a vacancy rate of 1.9 per cent (SQM Research).
Scott Driscoll, member for Redcliffe, said that the new ‘Anglesey’ unit complex, with 72 apartments, would be an asset for tenants in the area.
"The new units provide our community with a large number of affordable housing options and relief from rental stress," Mr Driscoll said.
Units in Scarborough currently receive a five per cent rental yield, with a median price of $360,000 (RP Data).
Seventy-two new apartments are a significant boost on the current unit number, of 690 (Residex), or 17 per cent of dwellings in the area.