RTA – June rental data

Comparative median rents for the June quarter from RTA. These are derived from new bonds lodged during the quarter so wont represent the entire rental stock.

RTA June2019RTA June2019_2

Small rental increases continue in Cairns but have been barely discernible in some cases with the 2br unit median at $310 pw the same as March quarter 2018 despite reports of still tighter vacancy rates. I have generally used 3br houses as the largest overlapping sector between the cities but it may be worth looking further at the 4br category which has been gaining share.

Higher rents in Townsville were sustained as the effects of the flood wash through with the rental premium falling further to $70 pw.

RTA June2019_3

Total rental bonds held in Cairns at June 30 continue to decline, down another 86 or 0.39% since December 31 2018. previous posts on this:

Cairns rental bond dilemma ; Moar rental bond stuff



Correlations and causations in building approvals

Building approvals data is not just the number of residential dwellings. Total value of all building approval work for Cairns SA4 and Cairns City SA2:

Building Value May 19

I can think of a couple of data series to correlate with this but may need to lag the 12 month moving average here a bit. The most recent big spike was I think (?) Nova City approval where we are still awaiting long anticipated developments. Crane count in the city maybe something to watch as the GA bump works through and with CPAC also now completed.

Noted also that the most recent monthly spike in March 2019 is not correlated with approvals in Cairns City. This appears to be significant non-residential approvals in Gordonvale and Innisfail.