Any country NSW rental fails?
- Thread starter kaybie
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- rental country nsw
Looking in various places at the moment. I wasn't sure that vacancy rates stats would be that useful in towns with a small population - sure they might have a low vacancy rate but in a really small pool it would not take many additional rental properties to create an oversupply. I thought maybe it would be helpful to know if, for example, anyone has actually had a place standing empty for any length of time anywhere.
I'd still go by vacancy rates. They are calculated on number of people renting by number of properties for rent as a %.
Just because someone had a property unrented for a month means very little. Maybe it was too expensive, maybe it was on a main road, had too fee bedrooms, had no built ins, had no garage. I could go on.
Similarly the property that rented quickly might have been under market rent etc.
It also depends on the month it was vacant. This can make a big difference in some country locations.
Just because someone had a property unrented for a month means very little. Maybe it was too expensive, maybe it was on a main road, had too fee bedrooms, had no built ins, had no garage. I could go on.
Similarly the property that rented quickly might have been under market rent etc.
It also depends on the month it was vacant. This can make a big difference in some country locations.
The only time we've had trouble in regional NSW was with an executive home that was beyond the financial reach of most of the locals. (It was originally purchased as a PPOR - we wouldn't have bought it as an IP. But we moved after a year for personal reasons).
We did get tenants quickly, and we got the asking price, but there was an element of luck involved - we didn't have people falling over themselves to rent it. And we had to accept upfront that we wouldn't get the yield we would normally expect. We're getting 4.9% (year 2, population 10,000) whereas we're getting 6% on properties in the middle-class segment of the market in a nearby town of 25,000.
We did get tenants quickly, and we got the asking price, but there was an element of luck involved - we didn't have people falling over themselves to rent it. And we had to accept upfront that we wouldn't get the yield we would normally expect. We're getting 4.9% (year 2, population 10,000) whereas we're getting 6% on properties in the middle-class segment of the market in a nearby town of 25,000.
