Newcastle Rental Market Today

[HomeBuyAU]

I would like to put my apartment rent up but the agent informs me that the Newcastle rental market has gone backwards over the last year and if I put it up I will probably lose the tenant and would have to go back to my rental prices of 2 years ago to get another tenant.

I know he is wanting to look after the tenant as they rent a number of properties from them. He might also be right, I don't know?

Is this really what it's like in Newcastle right now?

I'm overseas travelling so I don't know first hand what it's like there at the moment.

 

[Ideo]

Pm me details. I'm looking for one at the moment for 6 months.

My ll ignored the market and pit the rent up. So I'm leaving.

 

[Ideo]

Oh, and yes. He is right. The market is slow and prices have gone down.

 

[geoffw]

This indicates a flat asking rent for the last four years.

 

[Propertunity]

Oh, and yes. He is right. The market is slow and prices have gone down.

^ ^ what he said.

The market has softened, but not by much, due to:
1. The investment phase of the mining boom is over, so less rental demand by mining employees.
2. IRs are so low (lower than 5%), so that if tenants can scrape together a deposit, they can buy (mortgage payments) for about the same money as renting (monthly rent) - so some are - thereby increasing vacancy rates.

...............but vacancy rates are still sub-2% in most places, so let's not get too negative about it.

 

[EN710]

Have one in Rutherford - not that close to Newcastle, but also affected by mining.

PM said keep rent as is as the market rent was down 10% for the last couple of months and vacancy up to 9 weeks. So I'll do that as long as tenant decide to stay (contract end next month). If they decide to leave, I'll spruce the property a bit (it's tad old) and hopefully will make it more attractive to rent.

Hopefully will be ok next year

 

[Simon]

I find this hard to believe.

People I know still talk about how hard it is to find a rental property here in Newcastle.

Have a check in the local paper, websites and gumtree and see what people are asking.

Highest demand is February when uni goes back, maybe delay your price hike until then?