Cost of living hits home as house rent rises $100 in a year
HIGH RENTS
Latest analysis shows what many home renters already know – rents have skyrocketed in Douglas in the past year, putting further pressure on the rising cost of living.
Figures by leading property researcher SuburbTrends show across the Port Douglas-Daintree market, rents for houses have risen $100 per week, around 20 per cent.
The increase for a unit in the area was slightly less, at around $90.
The figures further confirm that rising accommodation costs – whether they be rent or mortgage payments – are the biggest factor adding to household cost of living pressures.
The median house rent price has now reached $750 in Port Douglas, while in Mossman the median was $520 per week.
Unit median rentals are $480 in Port Douglas and $300 in Mossman. Median rent across Douglas-Daintree has risen by 23 per cent.
Against the rent increases, there is also a hint of positive news – vacancy rates in Port Douglas-Daintree which have been at all-time lows, have started to come back up again.
The rate locally is now 1.9 per cent which, while that doesn’t seem much – is higher than what is was a year ago, just 0.2 per cent. The statistical area of Port Douglas – Daintree was number 43 on list of 50 nationally for higher vacancy rates:
Changes in 12 months (Source: SuburbTrends)
Rent & tenure – *Vacancy rate, Port Douglas
- House & unit vacancy now: 1.9%
- House & unit vacancy (6 months ago): 1.3%
- House & unit vacancy (12 months ago): 0.2%
- House rent median: $750
- House rent median (12 months ago): $600
- Unit rent median: $480
- Unit rent median (12 months ago): $400
Rent & tenure – Vacancy rate, Mossman
- House & unit vacancy now: 1.7%
- House & unit vacancy (6 months ago): 1.7%
- House & unit vacancy (12 months ago): 0.7%
- House rent median: $520
- House rent median (12 months ago): $420
- Unit rent median: $300
- Unit rent median (12 months ago): $330
*The vacancy rate is the share of untenanted rental properties in an area. So if, for example, there were 100 rental properties in an area and two were untenanted (i.e. advertised continuously for 21 days or more), the vacancy rate would be 2%.
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