DREAM LIVING
AFFORDABLE CAIRNS
THE appearance of Cairns on a list of most affordable regions to rent has come as no surprise to the city’s agents, despite the market still recording tight vacancy rates.
The 2018 Affordable Housing Income Gap report showed Cairns was the sixth most affordable regional local government area for renters.
The report also analysed the effect declining housing affordability was having on living standards across major population centres.
But housing in Queensland’s regional centres is “generally affordable for median income households apart from in the tourist hot spots of the Gold Coast, Sunshine Coast and Hervey Bay”, the report read.
More than a third, 36.3 per cent, of Cairns’ population rent, according to the latest Census statistics, and the city had a vacancy rate of 1.5 per cent in June 2018.
Ray White Cairns Beaches principal Paul Stirling said Cairns compared very favourably to other Australian cities.
“It depends what market you’re coming from, and if you are coming from capital cities our wages are a lot cheaper in some ways, and rents aren’t anywhere as expensive,” he said.
“There is definitely not enough rental stock. Our agency has arrears of less than 1 per cent. If your tenant is asked to leave, it would be difficult for them to find somewhere else to live.”
Mr Stirling said the growth of construction was putting further pressure on the rental market with workers brought in from outside the region and new employees for the Crystalbrook Collection hotels needing accommodation.
Many agents have reported in recent weeks they have recorded some of the best sales in months.
The AHIG Report also made recommendations around a national housing strategy, tax system reforms and tighter foreign investment restrictions to help boost rental affordability.