Far North Queensland is facing the prospect of its second tropical cyclone in less than a month forming by New Year's Eve, after days of rain that have already broken records for December.

Key points: More than 1,000mm of rain has fallen on Cardwell and Ingham in December

More than 1,000mm of rain has fallen on Cardwell and Ingham in December BOM says there is a high chance of a cyclone forming in the Coral Sea

BOM says there is a high chance of a cyclone forming in the Coral Sea Authorities are searching for a woman missing in floodwaters

The Bureau of Meteorology (BOM) said on Saturday a low-pressure system developing over Cape York posed a moderate chance of becoming a cyclone on Sunday and a high chance of doing so on Monday.

Meteorologist Harry Clark said the BOM was monitoring a weak tropical low in the north-west Coral Sea.

"We have a moderate chance of that developing into a tropical cyclone tomorrow, and a high chance on Monday," he said.

"It's definitely going to be an active week in terms of weather in the tropics — even if the TC [tropical cyclone] doesn't form, we do have a monsoon trough starting to ramp up around the Peninsula and the top end of Australia, so that alone is going to bring a lot of rainfall."

The BOM also said it had been the wettest December on record for Ingham and Cardwell, with both towns receiving more than 1,000 millimetres of rain.

Cairns had received more than 640mm of rain this month, making it the wettest December in the region since 1975.

Further south, Innisfail has so far received 752mm, the town's highest December rainfall since 1950.

With rivers and creeks across the far north still heavily swollen, police and State Emergency Service volunteers have been searching for a 34-year-old woman missing in floodwaters north of Cairns.

After a fruitless day of searching on Friday, authorities began again early on Saturday morning.

The woman from Rossville was last seen entering fast-flowing waters near the Homerule Causeway on River Road around 6:00pm on Thursday, when she tried to cross the river to return to her home.

Rain eased on Friday, but rain and thunderstorms are forecast for the Peninsula and north-east tropical coast on Saturday with the monsoon trough expected to develop over Cape York.

Water pounding over Barron Falls, near Cairns, after days of heavy rain across the far north. ( Supplied: Mike Gaia )

BOM meteorologist Gordon Banks said on Friday there was a high risk of flooding when more rain arrived.

"The catchments are saturated, the rivers will respond fairly quickly to heavy rainfall and come up quite quickly," he said.

"We have seen practically major flood levels on the Daintree river in the last few days, that's now dropped to a minor level now but it could very quickly come up again once this trough develops and this low develops."

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Douglas Shire Council Mayor Julia Leu says the region had needed the rain that has fallen thus far.

"Generally people are really pleased because we've had an unprecedented dry season in the last few months, more than what many locals have ever seen," she said.

"Council itself had to go to level 3 water restrictions which of course we've now eased."

But she warned people in the region to prepare for more rain and flooding.

"So now there is a break in the weather and we're encouraging everyone to resupply, do what you need to, get prepared, particularly those areas that know they will be isolated.

"Whilst council crews have been doing a fantastic job in cleaning up debris, removing trees, it is still very muddy and people need to drive slow."