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Cairns real estate: Furnished apartments empty as border closure bites

first_img A furnished apartment the Cairns Harbour Lights complex on the Marina. This two-bedroom apartment is listed for $700 per week.While there had been some reports of tenants negotiating lower rents on existing leases, Ms Johnston said dropping the price for city units wouldn’t help generate interest. “There still are long-term locals that are moving around, but they’re not even looking at furnished apartments,” she said. “We’ve tried to have that discussion with some of our owners, about moving furniture into storage and opening their properties up to weather this storm. But most of them want to keep them furnished. “Say we dropped the rent of something at Harbour Lights from $700 to $650, I don’t think the inquiries will pick up. Cairns Property Office principal Julie Johnston said a certain interstate and international demographic was required to occupy the majority of the city’s furnished apartments, like the ones at Harbour Lights.“We just don’t have the people in the city at the moment that would occupy these units.”Ms Johnston said the fallout of the saturated furnished-unit market would likely be an increase in listings for sale.More from newsCairns home ticks popular internet search terms2 days agoTen auction results from ‘active’ weekend in Cairns2 days ago“We’ve got the hardcore investors, who know they have to wait sometimes 10 years (for a return on investment),” she said. “But there are the default investors, who perhaps had to move away and were unable to sell. Maybe they couldn’t get the right price at the time and they’ve put it up for rent. “They’re not too interested in investing, they’re not getting the returns right now and they don’t want the headaches. So I think by September, we might see some value for units.” “The No. 1 thing for applicants is to make sure they’ve filled out the entire form and filled it correctly,” Ms Johnston said. “If we have to go chasing information, that’s not a good sign on what sort of tenant they might be. They could even miss out if there’s a number of applications, and theirs is incomplete. “We see this too often, and filling it out correctly is 90 per cent of a good application. “For those who don’t have a rental history, everyone has to start somewhere. Make sure you’ve got an extra reference, or maybe your parents could be guarantors. “You could also offer some additional money upfront or instead of your first inspection at 13 weeks, offer to be inspected at four weeks. “For landlords, good communication, honesty and transparency. Once you’ve got a good tenant in, you can’t just be happy to collect rent – make sure you’re putting aside money for maintenance and be efficient when it comes to renewing – or you might lose your tenants.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:21Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:21 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow to buy your first home01:21The impact of the border closure is being felt by property investors in the city’s central and fringe suburbs as rental listings from as early as March remain unoccupied. Cairns’ latest market vacancy rate was reported at 2.8 per cent at the end of April, but that number does not accurately paint the picture for investors with empty units in the CBD, Cairns North and nearby suburbs. Cairns Property Shop principal Julie Johnston said the central suburbs were hit hardest, as rental inquiries had dried up since late March. Cairns Property Shop principal Julie Johnston said investors with furnished units were among the hardest hit in the Cairns real estate landscape due to the border closure. PICTURE: JUSTIN BRIERTYShe said June was looking the “most normal” in terms of rental activity due to interest in houses in northern and southern suburbs, but she couldn’t see rental activity for central areas returning to normal until borders reopened. “A normal month for us was signing a lease per day,” Ms Johnston said. “We’re up to about 19 this month, a lot in Smithfield where we’ve had properties go in 24 hours, but April and May were about 20 leases and the gap was probably those furnished units in the city and on the fringe. “Those units are typically very appealing to interstate and international workers looking for something short-term and they don’t want to buy their own furniture.” center_img JULIE JOHNSTON’S RENTAL TIPS FOR APPLICANTS AND LANDLORDS last_img

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