Cairns rents rise slows
GROWTH in the Cairns rental market slowed in the March quarter but landlords are still collecting fat returns, the latest Midwood report says.
The Midwood Queensland Investment Report analyses all aspects of investment and property in the state and is prepared by researcher and engineer Bill Morris.
According to the report, the market rental for one and two-bedroom units rose by 4-5 per cent in the March quarter this year, compared with 15-20 per cent for the same quarter in 2007.
The weekly median rent for single-bedroom units is now at $200 and $250 for two-bedrooms.
Cairns is $10 a week more expensive in the single-bedroom category than Townsville, but cheaper for two-bedroom apartments when compared to the $260 weekly median in Townsville.
Meanwhile, projected figures for the first half of 2008 showed dwelling approvals down from 1120 to 744.
In terms of property availability, there were 732 units available for purchase, or an 18-month supply based on the current sale rate.
Among the best performing stocks in the May 2008 quarter were Glencorp’s Waterside at Woree with 50 sales, Tom Hedley’s The Glades at Redlynch with 16 sales and Benchmark’s Retreat at Parra-matta Park, which had 11 sales.
Mr Morris said investors were probably "feeling some of the heat" from rising interest rates.
He said the unit market remained strong, but the wider property market would probably stay quiet until 2010.
"I think this period will probably last about two years, but it will vary between cities," he said.
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Still rising: A unit complex being constructed by the Hedley Group on Abbott St. Units are still delivering attractive returns to investors.
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