Cairns real estate rental properties yielding high median rents
As the median rent soars through the roof in Cairns turning “pretty standard” apartments into expensive homes, take a look inside the high-end rentals where tenants are paying above $1000 per week.
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MODEST and “pretty standard” is how agents are describing Cairns properties that are yielding an ever-increasing median rent – often above mortgage repayments.
What was once considered an “entry-level” rental is now either non-existent, or asking a significantly higher value, causing unprecedented stress on tenants and the housing market.
CoreLogic data shows the median rent in Cairns is now $483 – split into $532 for houses and $382 for apartments. Two years ago, before the pandemic it was $416 and five years ago it was $387.
Using the realestate.com.au home loan calculator powered by National Australia Bank, an average mortgage repayment in Cairns would be $394 per week.
That’s with a 20 per cent deposit for a Cairns median-priced $502,000 house, at 3 per cent over 30 years. Of course a number of factors come into play when calculating true mortgage repayments, however the gap paints the picture of why it’s cheaper to buy than rent, and therefore taking stock away from Cairns’ rental supply.
Real Estate Institute of Queensland Cairns zone chair Tom Quaid said the Omicron outbreak may have slowed the processing of new properties, but certainly hadn’t impacted phenomenal demand.
“Outside of having our first real number of cases in Cairns, there’s now more people physically getting up here because it’s easier with the borders open. And there hasn’t been any new supply come on.
“Most of the construction we’re seeing is still from HomeBuilder, so that’s owner-occupiers rather than investment properties.”
Asked if the effects of an increasing median rent were being noticed in Cairns, Mr Quaid said a recent search on realestate.com.au for rental properties in the Cairns region for $300 per week or less only netted 47 results, and of those only 12 had more than one bedroom.
He said a search for houses for $400 or less only presented one property.
“There really is nothing at the entry level, on that particular day, those properties were very basic apartments, nothing flash.”
He said at the other end of the market, it was rare to see properties rent for too much more than $1000 per week in Cairns.
“If you’re in Cairns for more than two years, you could buy a significant house with lower mortgage repayments.
“Those sort of properties we mainly see executives in, who might be in Cairns on a contract, and they want somewhere nicer to live.
“We also see those who are in Cairns for the first time, such as people in the medical field and want to get to know the area and decide where they want to move.
“Often with those properties, you’ll see them fully furnished, so it’s really for a certain lifestyle.”
Mr Quaid said locals would sometimes also rent higher end properties after selling their house, and awaiting construction of their dream home.
Explore Property sales agent Nicole Bragg said in her experience high-end rental properties would come on to the market when an owner, planning to occupy, wasn’t quite ready for the move.
“So it goes up for rent with that high-end rent price tag.”
However, in the middle of the rental market, Ms Bragg said the quality of properties available for about $450 was evidence rents were skyrocketing.
“A very modest three bed, one bath house will set you back $450.
“There used to be a rough rule, if you paid $350,000 for a house, the rent would be about $350.
“Now for a house of that value, the rent is going to be $400-450.
“It’s pretty crazy, but the time on market for a rental is very short. We’re seeing 20-50 applications per property.”
And of course, of those 20-50 applications, only one would be successful, leaving applicants desperate for somewhere to live.
FAR NORTH’S 20 MOST EXPENSIVE RENTALS
These are the most expensive rental properties available in the greater Cairns region as of January 14, in an ascending order.
65-75 Vasey Esplanade, Trinity Beach
Weekly rent: $700
Property: Apartment – 3 bed – 2 bath
Starting the list at $700, tenants at this price can expect premium features such as quality furniture and kitchen appliances, but a lifestyle not many properties can offer with beachfront access to Trinity Beach. Other features in this property are a sparkling in-ground shared pool, secure basement parking and a private balcony.
47 Marshall St, Machans Beach
Weekly rent: $700
Property: House – 3 bed – 1 bath
This immaculately presented Queenslander offers a relaxed tropical village holiday lifestyle, featuring high ceilings throughout with interesting architectural curved lines, which create an almost nautical ambience. Two of the bedrooms open directly onto the spacious front veranda.
177-181 Stanton Rd, Smithfield
Weekly rent: $700
Property: House – 5 bed – 3 bath
Located on the hill side of Stanton Road, this property truly is a hidden gem. Offering split level living opening itself to intergenerational living or guests wanting their own space.
5 Whipbird Dr, Smithfield
Weekly rent: $700
Property: House – 4 bed – 2 bath
A sleek, modern home clearly built for entertaining, it features a fully appointed, custom designed chef’s kitchen with top of the line appliances and an open plan living and dining room with large floor-to-ceiling windows.
53A Minnie St, Parramatta Park
Weekly rent: $725
Property: House – 4 bed – 1 bath
A neatly renovated property with a modern, yet classic look about the living, kitchen and bathroom. This property in located in the renovator’s dream suburb is minutes away from the Cairns CBD and shops.
34 Moojeeba Way, Trinity Park
Weekly rent: $750
Property: House – 4 bed – 2 bath
This house with an office is custom built with open plan features and a designer kitchen to entertain and relax. The outdoor area features a brand-new deck surrounding the pool which offers an idyllic tropical oasis.
236 Panguna St, Smithfield
Weekly rent: $790
Property: House – 3 bed – 2 bath
With just one neighbour and sitting on a 1826sq m block, this would be perfect for nature lovers as it’s surrounded by World Heritage national park and features a spring-fed seasonal creek behind the property with private gate access. There is also an outdoor fire pit and various fruit trees on the property.
21 Peacock St, Trinity Beach
Weekly rent: $795
Property: House – 3 bed – 2 bath
Positioned at the southern end of the Trinity esplanade, the property is positioned at the top of an exclusive enclave, tightly held, which accommodates only a handful of quality properties.
This private property features expansive covered decks on two levels which extend the floorplan and provide perfect vantage points to enjoy the views.
504/78-86 Moore St, Trinity Beach
Weekly rent: $800
Property: Apartment- 3 bed – 2 bath
This bright and airy executive apartment has a front-row seat to the most spectacular ocean and mountain views with easy access to Trinity Beach. Spacious and sophisticated, the apartment is furnished with contemporary decor and modern appliances.
13/186-198 Lake St, Cairns North
Weekly rent: $850
Property: Apartment- 2 bed – 2 bath
Possibly an error when listing, or clever and opportunistic. This 84sq m apartment is advertised privately at a premium price, without the premium imagery, location or facilities to back it up.
50 Arkendeith Dr, Edmonton
Weekly rent: $850
Property: House – 6 bed – 3 bath
This impressive family-sized home offers the ultimate in low maintenance living with the highest quality contemporary finishes throughout including the Italian porcelain tiled living areas. The open plan design guides residents from the living and dining spaces straight through to an expansive undercover tiled outdoor entertainment area complete with outside kitchen.
77 Spence St, Cairns City
Weekly rent: $850
Property: Apartment- 3 bed – 2 bath
Located within “Beaumont on Spence” this is a truly stunning three bedroom apartment, perfectly located towards the rear of the complex, reducing street and city noise.
The furnishing have been hand picked from all over the world with no expense spared, creating an ambience of tranquillity and warmth.
62 Marina Quay, Trinity Park
Weekly rent: $880
Property: House – 4 bed – 2 bath
Featuring an open-plan living area with cathedral ceiling, the design of this modern house certainly stands out. With an extremely unique design and layout, concrete flooring, indoor garden and expansive chef style kitchen with granite bench tops, this home is designed brilliantly to cater to the tropical lifestyle.
414/5 Triton St, Palm Cove
Weekly rent: $895
Property: Apartment- 3 bed – 2 bath
Located on the top floor in the quiet southeast corner of the Sea Temple Resort, Palm Cove, this penthouse has a large open plan kitchen dining and living area opening out to a protected patio which overlooks the melaleuca trees and glimpses of the ocean.
70 Summerhill Dr, Mooroobool
Weekly rent: $950
Property: House – 4 bed – 2 bath
Impeccably presented, light-filled and spacious, this is designed for the executive renter. Located high up in City View Estate among other prestigious homes, this executive residence offers comfortable single level living featuring lots of space, privacy, views and breezes from its elevated position.
7 Canopy Way, Palm Cove
Weekly rent: $980
Property: House – 3 bed – 2 bath
Thoughtfully designed for the North Queensland lifestyle this haven located in Oceans Edge Estate offers space, privacy, and security in a truly exquisite and up-market environment. Residents can enjoy the house fully furnished with high quality furnishings after a dip in the solar heated magna salt pool, with maintenance included.
31 McLeod St, Cairns City
Weekly rent: $1000
Property: House – 6 bed – 2 bath
When you think McLeod St, you think apartments, but this perfectly positioned and convenient house is perfect for students to share, people who are studying or working and are seeking accommodation in the heart of the city.
52 Flecker St, Whitfield
Weekly rent: $1200
Property: House – 3 bed – 2 bath
It’s a house that could be mistaken for a resort, an instant tropical feel on offer through it’s open and light-filled design. It even has a dedicated rumpus room, near the pool, perfect for relaxing or entertaining, and it’s fully furnished.
3-7 Mullins St, Whitfield
Weekly rent: $1250
Property: House – 4 bed – 2 bath
With truly one of the most interesting designs on this market, you’d almost feel OK to pay the $1250 asking rent just to view this spectacle. The Queensland home of Maverick Architect Edwin (Eddie) Oribin, it was an experiment in form and structure. It was the first house he built for himself and demonstrates a young, unconstrained and industrious spirit. What makes this house so memorable is its geometric rooms and patterns, beautiful use and control of natural light, along with its handmade light fittings
34-36 Zanzoo Cl, Redlynch
Weekly rent: $1270
Property: House – 4 bed – 4 bath
A top of the list is a house that shows each and every room has been carefully thought out.
On a massive 8199sq m block, with lawn service included, lush trees and a rainforest backdrop provide the perfect outlook for a home which is bright and modern with everything you need for contemporary living.
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