Are rents rising, falling or remaining stagnant in your area?

[The_Bludger]

Are rents rising, falling or remaining stagnant in your area?

Please advise of area's.

For me:

Outer East, Melbourne - rising slightly.
Inner North, Melbourne - stagnant\falling slightly.

 

[Just RentSydney]

We are finding the Sydney rental market fairly mixed at this point in time. The upper end is weak and rents are dropping. The lower and middle markets are still very strong, however rents have not been increasing. This is the first time in a long time that we have noticed rent rises no longer being the norm. There is still however a rental shortage in Sydney on the whole.
For more information read our latest quarterly Sydney rental market report.

 

[farmilor]

would if i could, but your link does not work.

 

[Just RentSydney]

woops - one too many https:// in there. try it now.

 

[RumpledElf]

Dead flat for some years, but at least some people are actually buying the houses that have been for sale forever and renting them out. Any for rent ads you see are invariably $200 a week no matter the size or condition of the house, while house prices are all over the place from $120k to $500k.

Rents have gone up in my old area in the last couple years though, from average $50 to $80pw, and house prices have gone up from $30k to $60k average in that time. But a top of the line fully renovated 5 bedroom house there would still rent for $100pw.

I've gotta get my old house sold. I really don't want to deal with having to rent it out.

 

[claytonn]

Rent levels stable after 12 months of rises

Able to raise rents between $15 and $35 dollars over the last 12 months depending on suburb. More low socio-economic areas have been more resistant to rises mainly due to job security issues and wages freezes. Higher socio-economic areas had more flexibility but that has now dried up with rent stable for at least the next 6 months. I was able to lock in the rises with 12 month contracts so I am pretty happy with the yields for the moment. The vacancy rate has now risen 1.5% over the last 12 months to 3% which is normal for Perth.

Cheers,

Clayton

 

[MissMuffitt]

Corio is up $5 a week
Gladstone down $20 a week
Agnes Water down $30 a week.

So in general... not looking good.

 

[BV]

We've increased all our rents this year and there is probably room to move a bit more because there is nothing for lease at the same rent in the suburbs where these IP's are.

I am talking about outer Sydney (north and south west)

Not only there is nothing for lease at these rents but there is severe shortage of rental properties as well. I was speaking to 1 of our PM's 2 weeks ago and he said he has 5 or 6 properties for lease and in comparison, in 2004 he had listings 2 pages long.
I don't know what's going to happen but the insentives the government gives to developers and investors are not sufficient to increase supply.

Also, in my opinion the FHBG is a waste of money.
If they gave the $21K to developers they would be building more properties and not only property prices would be contained but people would have somewhere to live as well.

 

[badcliq]

I think Melbourne Eastern suburbs like Box Hill, Surrey Hills, Mitcham are still pretty tight and rents are rising.

However, West has slowed, i think around the 15-30Km areas. Looking at RE.com.au, have tons of new houses for rent at $300pw in Pt Cook, spoilt for choice but most of them have poor accessibility to public transport for now.

Wondering whether we can negotiate the rents in the West? I might move there soon to cut on my rental costs. Hoping to get a $250pw, if lucky on a new house!

It's better for the landlord to accept $250pw then leaving it empty and waiting on $300pw as hundreds of other landlords are, right?

 

[Slow&Steady]

I'm in the inner south - the PM for my IP recommended putting up the rent by $10p/wk and the house I am renting for myself has also gone up $10p/wk.

 

[Prakman]

We have 4 properties in Rockingham area WA and have noticed that rentals have pulled back a little. We tried to increase the rents but tennants are not accepting the increases!

However in inner city, 1 bed fully furnished and equipped are very sougt after. You can pick one up for $250Kish and fit them out for 30K and get easily $350 rent, giving you a gross rent of 6.5%. Not bad for residential.

Good luck and happy investing.

 

[rugrat]

Canberra, rents are definitely still on the rise. Three bedder houses are starting at around $380 week, for an older one in the outer 'burbs.

 

[Minxdamanx]

We have 4 properties in Rockingham area WA and have noticed that rentals have pulled back a little. We tried to increase the rents but tennants are not accepting the increases!

2 in Rockingham area -

IP1 (3 bed house, west of Currie Street, Warnbro) Increase of $20/week on a 12 month lease.
IP2 (2 bed duplex, Shoalwater - old part) Increase of $10/week on a 12 month lease.

Both coming off 12 months leases w/ new tenants coming in.

What are you finding with values Prakman? I'm seeing marginal increases - better than significant decreases that we have been seeing!

Pleased to see what you say about units near city as that is our next step - researching currently, though I was looking at 2 bedders.

Best wishes to all.

 

[Prakman]

Hi Minx,

With respect to values, I have noticed that the prices have stopped dropping and are now stablizing. All my properties are worth at least 10-15% off their peak prices but still am very happy with the growth so far.

I am now concentrating my portfolio with properties within 15 kms of perth with subdivsion potenial as I believe these will have brillant growth in the near future. Also these areas tend to have slightly better yields than Rockingham or the outer bubs.

Happy hunting and investing.

 

[chilliaa]

Melbourne CBD:
My fully furnished executive apartments: stable
1bedroom $480 per week
2 bedroom $570 per week

Unfurnished apartments:
Increase in rent of $10 per week
1 bedroom $410 per week
2 bedroom $505 per week