Current rental market Canberra

peastman

peastman

I just got a call from my PM in Canberra saying I should put rent up on my unit in Braddon from $305PW to $320PW. When I told her I was thinking $350PW because the cheapest listing on http://www.allhomes.com.au was $370PW she told me how quiet it is in Canberra at the moment.
Does anyone out there know current market conditions in the Inner North Canberra?
 
I own property in Braddon. I think there is demand, but it's not as hot as in previous months. Based on the rental price range, I'm assuming your apartment is a 1 BR, and the issue, I think, is that there are 2 BR properties available from about $400 a week, and it's hard to justify a 1 BR at $370 when for $30 a week more you could have a similar apartment but with 2 BR's.

I don't think $350 is out of the question, but at $340 you should easily retain the current tenant, or there'll be plenty of others at that price.:)
 
I've found that Winter is usually quiet. Only people who have to move could be bothered looking for properties on the wet weekends.

When you do sign a new tenant up make it a 6 month lease so it ends in summer, a busier period.
 
I have a property in North Lyneham. It's a 2BR, standalone, with conservatory, SLUG, and a nice garden space (regular gardener). The recent rental has just finished (today). 12 months ago, I thought that $350 was a lot. The new tenancy starts tomorrow @ $370.
 
My IP is not in the area, but Kaleen just on the outer north. The tenants are moving at the end of the month at $490. Talked to PM about dropping it to $470 - $480 so that I can re rent it quicker (looking at buying another IP), but saw her advertised it at $500.:eek: I will need to e-mail her and ask why, as it took a long time to get it tenanted last.
 
Rental market here is still tight. 6 months lease for inner north sounds a good idea as more ppl move in around Jan. You will be able to rent it out at above 400 mark.

I have a couple of IPs in Kaleen as well. $500 (I guess it is a nice 4x2x2 with large back yard) is a bit dearer. I think $480 will be more realistic.
 
Last edited:
Peastman,

Do you have a long term tenant? Is the unit furnished?

My wife 'manages' many properties in the Civic area for short term rentals and has LOTS of trouble getting ANY at all at any price.

I'm guessing that a long term tenant could be worth a hit of $10 a week

VAZ
 
Vaz,
The unit is tenanted by believe it or not, a Real Estate Agent. She does not work with my PM though. She has been a good tenant, money always comes in and no dramas. Her first 12 month lease is just expiring. The unit is not furnished.

vaztr said:
My wife 'manages' many properties in the Civic area for short term rentals and has LOTS of trouble getting ANY at all at any price.
Click to expand...
Does she have trouble getting tenants or properties?
I have contemplated short term letting, but do not really know how to do it being based in Melbourne.
 
Hi there
those of you with property managers - just wondering what factors they are taking into account when increasing the rent? - are any discussing the CPI - do they give you comparisons with other properties - or are they just giving you a figure and saying they consider it reasonable?

I note that I am interested in perhaps getting a rental appraisal from a couple of PM's for our property in Canberra.
thanks
 
Raddles,
My PM basically decided a rise of $15 to $320 would be fair. She did not seem to be aware that the cheapest place advertised was $370 and another unit in the same block similar to mine is being advertised at $380. When I suggested $350 she said there could be a problem because of CPI. So we settled for $325. If the tenant decides to vacate, I think I will put in new carpets and put on the market at $370.
 
I did push my PM (who proactively raised the rent anyway) for another $10/week for an incumbent tenant near the city.

Canberra is quite seasonal though and I have found my PM quite aware of phasing leases to ensure vacancy in the demand periods (with zero unoccupancy in 6 years).
 
Peastman,

She has trouble finding properties. She works for a company the 'sub-let' apartments to big businesses that fly in IT gurus from overseas - the tennancy can range from 2 weeks to 2 years (but 3 months is the shortest lease she will take out with a landlord/REA).

If you can give me an idea of which 'complex' you are in I can give you an indicative figure that they would rent for.

VAZ
 
vaztr said:
Peastman,

She has trouble finding properties. She works for a company the 'sub-let' apartments to big businesses that fly in IT gurus from overseas - the tennancy can range from 2 weeks to 2 years (but 3 months is the shortest lease she will take out with a landlord/REA).

If you can give me an idea of which 'complex' you are in I can give you an indicative figure that they would rent for.

VAZ
Click to expand...

Just sent you a Private Message
 
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