Has the rental market cooled?

[chrispy]

Happy Birthday Bloss

It has taken since 7th June to let my townhouse at Yorkeys (Cairns). It was let today (17th July). I had to drop the rent. Normally at this time of the year I do not have any problem letting in Cairns as the Southerners have usually moved up to get warm.

I wonder if it is because there has been so much in the news about low vacancies that people are not moving?

Chris

 

[yadreamin]

Hi yadreamin can you pls elaborate what you leased and what you achieved? I have a 3x2 near new smallish villa single garage that has been vacant for about 5 weeks. The PM is out of town tho and i am looking to shift to a local PM - do you use a local PM and are you happy with them?

No Probs.
3x1 BT in Silver Sands $240 p/w. 1 lock up garage 1 carport.It has a pool but that has not worked in our favour.No heating. no air con just ceiling fans and security.Its in good nik .
Local ,pm, always been happy with them. Harcourts, formally Roy Weston.
cheers yadreamin

 

[skater]

I've just had 2 properties sit vacant for 3 weeks in Western Sydney. Both tenanted this week, one with a $10 increase, the other a $20 increase. We dropped them both $10 from the original listed price as there were no takers despite there being not a lot on the market at the moment. Both these homes will get another increase in rent in 6 mths to bring them in line with the market.

 

[liverpoolharryk]

We are still very busy, not much lasting longer than a couple of days to a week, unless asking an unrealistic rent. I usually find this time of year pretty good as usually there is not much else to compete against

 

[Scoofy]

Hi Wayne,

We also have an IP on the market in D Bay... also listed with Ray White DBay. It's been on the market for 2 weeks now, and we received 1 application so far. The applicants have 2 cats and a dog, so we declined (our PM agreement indicated that we didn't want any pets, but they put forward the application anyway ).

Ours is an older house, listed at $285. The PM said it is a little slow at the moment, but was still confident we would be able to find someone soon.

Keep us up to date on how you're going.

Cheers
Scoofy

 

[karina]

I generally accept applications with pets, dogs and cats need somewhere to live

Thankgoodness I own my own home I don´t think any landlord would accept my application with 2 silky terriers and 2 rottweilers.

 

[jingo]

Is it perhaps seasonal? In the inner north east of Melbourne where I am now the rents have dropped maybe up to $50 pw from their summer high. This is a normal seasonal ebb and flow. Similar situation in Hobart where I just relet a break lease. It took two weeks when normally it would take 1-2 days. We got the same price but it took longer. We always find the break leases a bit of a challenge when they fall in winter.

Hi GoAnna,

Yes, we find this too in North Melbourne. January through to March are the best times to lease a property. We don't like having a vacancy in winter!! Much harder to find a tenant.

Regards Jason.

 

[skater]

I generally accept applications with pets, dogs and cats need somewhere to live

Thankgoodness I own my own home I don´t think any landlord would accept my application with 2 silky terriers and 2 rottweilers.

Well said. I'm not much of an applicant either with my 5 indoor cats.

My tenants that recently vacated one of my houses (& kept it in good order) had 1 bird, 2 cats & 8 dogs.

 

[BoatBoy]

The only reason we have a no pet's policy is because one of our tenant's thought her 2 horses were pet's.

One ruined it for all.

Dave

 

[YLC]

It just took 3 weeks to find a new tenant for one of ours, which is a long time for Rocky. Our PM reckons it was because the previous tenant had given 2 weeks notice, and was still there, which turns a lot of prospective tenants away. As soon as the tenants moved out, and the property was vacant, they were inundated with interested parties!

Our theory is that people want somewhere to rent - right now - none of this in two weeks time stuff! Maybe just a Central Queensland thing...

Bloss

Hi Bloss,

I just purchased an IP in Rockie. May I ask who is your PM and are you happy with their service?

YLC

 

[Bloss]

I'll answer in the other thread to avoid thread drift

Bloss

 

[WinstonWolfe]

Let us know when you get your $300.
Though can't imagine it will be anytime soon from this search
http://www.realestate.com.au/cgi-bi...se,Terrace,Townhouse,Villa,Warehouse&p=30&o=p

 

[Bloss]

Thanks for the birthday wishes Chrispy and BB.

Bit late with the thank's, but better late than never.

Bloss

 

[WBG Redcliffe]

Hi all

My duplex is due to be handed over to me at the end of wk. I have tenants for u2. at 300 and moving in 23rd aug. and still waiting on u1. . I am confident u1 will achieve the same.

thanks for all the replies

Wayne

 

[Toni]

Hi all


I of the opinion that it may just be the Rothwell / DBay area. However would like to read the opinions of others who are currently looking for tenants.

Wayne

I had put my property on the market in Frankston and within one week had it tenanted for a very good return.

 

[poppy]

We have an IP advertised in Point Cook for about 2.5 weeks and no applications yet. The property is inexpensive for the suburb, not many other properties in Point Cook advertised at or below the price, and a very nice house too.

Unfortunately someone is advertising an almost identical property in a neighbouring street for a ridiculously low rent, I remember my PM saying that this guy was renting for $XX a week and he didn't want to put the rent up because of the nice tenants. Well now (I'm guessing), the tenants have broken their lease and he has to advertise it for the same price or else be unable to claim costs from the tenant. Meanwhile, everyone is presumably applying for his place and thinking I am a greedy landlord whilst complaining about the lack of available rental properties.

 

[chilliaa]

For what its worth, all my rental properties are in the CBD area of melbourne. They all have carparks and are a mix of one and 2 bedroom apartments.
Each have been relet BEFORE the current tenants lease expired. And rental growth over 2006 is around 20%.

 

[lizzie]

we settled on a 3 bed property (our future 4 townhouse development site) on friday, did a quick spruce up over the weekend, the pm had it listed on the rental website this morning and by lunchtime had over 20 parties wanting to look thru ...

 

[BoatBoy]

We actually have a couple who have moved back in with their family waiting for one our tenants (who got a transfer south) to vacate a property.

Seem happy to wait, so the house must stack up OK.

Dave

 

[Patosan]

Just 2 weeks ago we advertised 2 townhouses in Essendon and both leased with a total of only 2 days vacancy ... plus $50 pw rent increase each as well. So can't see any cooling at the moment.