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Port Douglas Far North Queensland is in a state of rental crisis. Rental properties are in extremely short supply in a marketplace where demand has never been higher.

The vacancy rate for the Port Douglas Regional sits well below 1% with the average velocity of rental listings around 5 per month.  This level of supply is not enough to keep up with the demand with rental agencies receiving up to 30 plus applications per listing and over 200 unique views per listing online.

The median rent currently sits at $682.00 which is a $20.00 increase since August. This median has jumped significantly because of the small sample pool, and this extremely small sample pool is likely to remain for quite sometime which suggests raising rents are not slowing down anytime soon in Port Douglas.

Source: Htag

Basically, when you have 4 properties listed for rent at $600.00 per week and 1 listed at $530 that median rent only gets skewed in one direction. The Douglas Shire Council has floated invention measures they say may provide some additional supply to the residential rental market by leveraging short-stay and Airbnb properties.

Council is proposing that these properties be made available by their owners by introducing bylaws that restricts their short-stay ability. This would then prompt owners to place residential tenants into their property’s, increasing supply and in turn taking some heat out of the rental market.

The team at Tropical Life Buyers Agency have been monitoring this situation closely in Port Douglas, particularly for our clients that are interested in Airbnb and short-stay investments around Port Douglas and we have held off on making purchases here until Douglas Shire Council make their position on the short-stay property market clear.

Our team have also seen issues with the new supply pipeline particularly in house and land package stock with many home builders that usually build in the area currently up to their gills in work around Cairns. Most of the builders are Cairns based and many have put Port Douglas on the back burner because Cairns is in the same boat.

With the low levels of supply and ongoing demand Port Douglas is in a big rental crisis.

Buyers Agent Cairns | Buyers Agent Port Douglas | Port Douglas Buyers Agent | Cairns Buyers Agent

Troyson Bassani

Owner & Head of Research

Tropical Life Buyers Agency

 

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