Port Douglas rental crisis not as bad as Cairns
Real Estate
Port Douglas may have experienced a decrease in the rental market in recent times, but the situation is not as dire in Cairns where you could be greeted by the following: “Renters warned: Don’t move to Cairns without a house.”
And Real Estate Institute of Queensland Far North Queensland zone chair Tom Quaid has said the rental market in Cairns was “approaching a crisis point”.
“The only real solution is the introduction of new supply, and that’s going to take government support to both encourage a more orderly release of land and provide incentives for people to invest in residential property, particularly when catering for the lower end of the market which has been priced out of the majority of homes,” he said.
Jocelyn Schumacher, Senior Property Manager & Co-Owner, Raine&Horne, Port Douglas, said due to COVID, we have seen a surge in interstate buyers purchasing properties that are currently rented and are wanting to move into these properties as soon as the tenancies are coming to an end.
“We believe this has decreased the rental market between approximately 15 – 20 per cent,” she said.
As for Cairns, Schumacher said it is difficult to comment on their situation, “but, yes, I have heard on the grapevine that rentals are hard to come by and are renting for premium prices.”
According to domain.com, there are 45 rental properties in Port Douglas starting as low as $235.
Schumacher said the average weekly rental fee for two-bedroom units are currently renting for approximately $380 - $420 per week and four-bedroom houses are currently renting for $550 - $600 per week.
Alan Crossman, Principal & Licensee, Property Shop Port Douglas & Mossman, said the situation here is not as severe as Cairns.
“We are seeing an improvement compared to a few months ago. Right now, supply is exceeding demand, although if life returns to normal, there may be a reverse and demand may outstrip supply,” he said.