Rent rises failing to mirror house prices
“Over the 12 months to June 2015 the Cairns weighted average median rent has increased from $375 to $380 per week for houses, and increased from $265 to $270 per week for units,’’ the report stated.
“The trend vacancy rates for June 2015 stood at 2.5 per cent for houses and 2.4 per cent for units.”
The tight vacancy rate stood at 2.5 per cent overall compared to 2.3 per cent in February and April this year.
Les Freeman Real Estate property manager Dianta Rolfe recently listed a four-bedroom house in Brinsmead for $460.
She expected the house to be rented out before it became vacant in October.
“For a three or four- bedroom house with one or two bathrooms, we probably average between $400 and $ 450 a week,’’ Ms Rolfe said. “The prices are slowly increasing.
“This time last year, it would be down towards the $ 400 mark and now it’s creeping up to the $450 mark.
“We generally lease properties before they become vacant.”
The property manager said around Christmas and the new year the number of properties rented out slowed.