Gold Coast rentals in oversupply

Bazza

Bazza

Hi Guys,

For the first time ever I have been trying to rent one of our houses on the Gold Coast for 6 weeks and it's getting expensive. This is unusual even just 8 weeks ago we rented one in 3 days.

According to todays newspaper vacancy rates on the Gold Coast are 5.5% compared to 2.2% in Brisbane.

The lack of cranes in the Gold Cost sky is a good indication of the economic situation here. Seems all the tradies have packed up and moved to Brisbane to work on repairing flood damaged houses. And they are our target market.

May be if I ask the bank nicely they will lend me more money;)

Cheers,

Bazza
 
where in gold coast mate? i am lucky i have long term tenant in place however if this situation continues next year would be a problem if they dont extend anymore
 
silverx said:
where in gold coast mate? i am lucky i have long term tenant in place however if this situation continues next year would be a problem if they dont extend anymore
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This place is in Nerang but from what the lady said when I rang the Bulletin all the lessors are complaining that they can't find tenants.

Cheers,

Bazza
 
I'm advertising in realestate.com.au (which is the best) and also the local Bulletin newspaper.

I compared rents in the area last week and as a result lowered the rent to be the minimum for that area.

Cheers,

Bazza
 
Bazza said:
I'm advertising in realestate.com.au (which is the best) and also the local Bulletin newspaper.

I compared rents in the area last week and as a result lowered the rent to be the minimum for that area.

Cheers,

Bazza
Click to expand...
have you tried one of the great method which most of the time works, like free 2 weeks rent or something. i have seen that a lot lately and those properties have been snapped up pretty quickly
 
silverx said:
have you tried one of the great method which most of the time works, like free 2 weeks rent or something. i have seen that a lot lately and those properties have been snapped up pretty quickly
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Yes that will be my next plan of action if I get no results this weekend. That is equivalent to dropping the rent by $15 pw which I have already done.

Cheers,

Bazza
 
Rentals are slow on the Gold Coast at the moment. Had to drop the rent $5 per week but had a tenant within a week of the old one moving out. Another person I heard dropped their rent $30 per week (different location) and another one $20 per week (Runaway Bay).

Is there a sign out the front of the property (if it's possible)?
 
I dropped the rent $15 and have had a couple of people come through today. The weekend was useless because of the dual grand finals.

I can't put a sign out as it is a secure complex.

Cheers,

Bazza
 
Too much supply and not enough demand.

I only have one IP on the coast and it took seven weeks last year to re-let. It was a break lease. Despite not wishing to string along the tenants breaking lease, we weren't just going to accept anyone. It took three weeks for even the first dodgey application to come through.

The new tenants (having been there for the past year) have signed up for a further year on the same rent. The PM mentioned just prior to lease expiry whether I wanted to increase the rent by a nominal 20-30 dollars per week............on the Gold Coast..........what the?......... :eek:

I was inclined to ask her whether she was smoking crack, however understand that they make more from a re-letting should the tenant vacate than missing out on severeal weeks of PM commission.

Bazza, perhaps offer a rent free period (not up front) as that way even if you aren't able to increase rent at lease end, you are on a better wicket rather than dropping rent again and staying at that subdued level for longer.
 
I think it is those 7000 High-rise tradies that left the Gold Cast due to lack of work that is causing the lack of demand. As mentioned, we rented another house just recently in just 3 days and have an excellent tenant. We haven't had any problems up until now.

Cheers,

Bazza
 
Player said:
Too much supply and not enough demand.

I only have one IP on the coast and it took seven weeks last year to re-let. It was a break lease. Despite not wishing to string along the tenants breaking lease, we weren't just going to accept anyone. It took three weeks for even the first dodgey application to come through.

The new tenants (having been there for the past year) have signed up for a further year on the same rent. The PM mentioned just prior to lease expiry whether I wanted to increase the rent by a nominal 20-30 dollars per week............on the Gold Coast..........what the?......... :eek:

I was inclined to ask her whether she was smoking crack, however understand that they make more from a re-letting should the tenant vacate than missing out on severeal weeks of PM commission.

Bazza, perhaps offer a rent free period (not up front) as that way even if you aren't able to increase rent at lease end, you are on a better wicket rather than dropping rent again and staying at that subdued level for longer.
Click to expand...
yeah that's why i think free rents work better than reducing the rent but at the end of the day, whatever it takes to get tenants in place.

just wondering if gold coast has ever this sick before? the future doesnt seem to be that bright for gold coast at the moment, even with all these new hospitals, stadiums and offices as long as there are no jobs and opportunities in place, the place is going to go down detroit style
 
silverx said:
the future doesnt seem to be that bright for gold coast at the moment, even with all these new hospitals, stadiums and offices as long as there are no jobs and opportunities in place, the place is going to go down detroit style
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Nah, I think it will recover. It reminds me of the early 90s. The beaches, climate and infrastructure always sees it bounce back. Can't honestly understand why selling prices are still so high. Some vendors need to get a clue and accept reality.
 
gottabespotless said:
Nah, I think it will recover. It reminds me of the early 90s. The beaches, climate and infrastructure always sees it bounce back. Can't honestly understand why selling prices are still so high. Some vendors need to get a clue and accept reality.
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i still think the beaches are overrated, sunnycoast has more to offer than goldie but that's just me. having lived there i think lack of big corporations and gov departments will hurt n the long run, top it up with incompetence councils and their high rates
 
silverx said:
hahaha i would go if i am still living there :) would be good to catch up with few guys here to talk about prpperties, i normally talk to my wife whch only listen with some interest and my coworkers which are half interested to talk about properties and my mates who are not interested at all!
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No worries. I just assumed from your location description that you lived here. Are you on the Sunshine Coast now?
 
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