Monica made landfall as a category three cyclone, at about 2pm (AEST) on Wednesday just south of Lockhart River on Cape York.
About 15 per cent of homes were damaged and large amounts of vegetation were destroyed.
By 2am (AEST) on Thursday, Monica had been downgraded to category two, although it was still packing winds of up to 130 kph.
At that time, Monica was reported to be about 60 kilometres south east of Aurukun and was moving south east at 20 kph.
Aurukun is one of the larger communities in Cape York with a population of about 1,200.
There have been concerns about torrential rain dumped on Cairns, some 800 km south of the remote Lockhart River Aboriginal community.
Cairns' main water supply dam, Copperlode, rose rapidly to 1.6m over the spillway by early evening.
It was feared at the time that more than 1,000 people would need to be evacuated from hundreds of homes if it reached the "critical" two metre mark.
At 4am (AEST) today, Queensland's Counter Disaster and Rescue Services reported that the water level appeared to have stabilised, dropping slightly to 1.5m.
"Localised flooding may occur in the area, but no evacuations have yet been necessary in Cairns," said a spokesman.
"But inundation is likely in outlying areas to the north, at Holloway Beach, Yorkeys Knob and Machans Beach."
The Captain Cook Highway between the Barron River Bridge and
Smithfield, north of Cairns, was expected to be cut.
All trips to the Great Barrier Reef were abandoned yesterday and
flights in and out of Cairns cancelled.
The Kuranda Railway, a popular tourist train which winds through World Heritage protected tropical rainforest, was halted because of a landslide along the line.
Cyclone Monica hit the far north Queensland coast almost exactly a month after maximum category five Cyclone Larry tore through the Innisfail region on March 20, causing widespread devastation.