Rent prices rising in Port Douglas: Schumacher

Wednesday February 18 2015, 2:40pm

A senior Port Douglas real estate figure is warning that easy times are over for renters, with rent prices increasing and looking to stay that way.

It was recently reported in News Limited media that several Cairns suburbs had amongst the highest rent yield in Queensland, with yields of 8.7 per cent in Woree, 8.5 per cent in Manunda and 8.4 per cent in Edge Hill. 

Raine and Horne Port Douglas co-owner Joceyln Schumacher said that the real estate market in Port Douglas is seeing similar conditions, with the tables turning between renters and landlords. 

“The rental market is considerably stronger than it has been in the last 12 months,” Ms Schumacher said.

“Tenants have actually had it quite good but now the tide has turned and landlords are creeping rent back up.

Ms Schumacher pointed to sky-high rental demand combined with declining availability of properties as drivers for the market shift.

“We’re seeing less rental properties and more owner-occupied properties on the market now, especially in houses,” she said.

“We’re also at very low vacancy rates - I can’t speak for other agencies but our own vacancy rate is down between 8 and 10 per cent. 

“Some of the factors behind this situation are that we’ve come out of the GFC and there is more money circulating through the system so rents are going up.”

Ms Schumacher said rent would most likely continue to rise.

“This situation will go for a while, until maybe the Shire decides to release some more land to be built on.”