perth market dead

Ausprop said:
I just relisted a property for rent on friday, agent thought I was being way too bullish on the askign rent, started going on about 'give it 2 weeks and we can look at dropping the rent'. anyway close to 1,000 internet hits by saturday afternoon and the place rented on monday. I have moved rent on this one from $280pw just before xmas to $350pw now.
Click to expand...

Nice one.
I have one of my Westminster villas going on rental market in a week or so. Current tenants are paying $500pw as they offered $50/wk over market to secure it. PM says that it's quite likely we'll be able to leave it at $500 and see if we can get it. Holy Mackerel! :eek: The other 2 are renting for $465.

Scrap that it's listed now
http://www.realestate.com.au/property-villa-wa-westminster-407299321
421 hits
 
Wow! They are great results Ausprop and Westminster!

Westminster - Does your property have pet doors since you allow pets?

+ do most of your tenants have pets?
 
WOW!!! 4k hits in a day is unheard of.


What i suspect is also happening is that many people who want to buy simply cant atm as there is so little affordable stock out there and so they are having to get back into rental market
 
INVSTOR said:
Wow! They are great results Ausprop and Westminster!

Westminster - Does your property have pet doors since you allow pets?

+ do most of your tenants have pets?
Click to expand...

I don't have pet doors.
I am pet friendly though - one tenant has a cat and we did consider a small dog for another but I ended up choosing another tenant based on their better references.
I do think pet owners make good tenants (if they are good tenants in the first place) as they move less often.
I do think $500 is a bit high but my PM rented out a place for $480 the other week so she said 'let's give it ago'
 
We're looking at putting a property on the market at present to finance a new build, I'm wondering if it's worth spending some cash on it rejuvenating the property for sale ( I expect $10k spent would achive an extra $25-30k) or just fire sale it as contracts for the new build have just been delivered and it's a good time

Tenant has about 3 months left on lease
 
westminster said:
I don't have pet doors.
I am pet friendly though - one tenant has a cat and we did consider a small dog for another but I ended up choosing another tenant based on their better references.
I do think pet owners make good tenants (if they are good tenants in the first place) as they move less often.
I do think $500 is a bit high but my PM rented out a place for $480 the other week so she said 'let's give it ago'
Click to expand...
There must be a high demand if you are getting that many hits! Not nearly as many for Yokine, I think there may be too many investors!
 
INVSTOR said:
There must be a high demand if you are getting that many hits! Not nearly as many for Yokine, I think there may be too many investors!
Click to expand...

i think it is price point as well. 2 bedder for $235/week, there wouldnt be many of them in perth metro
 
Ausprop said:
dare I ask, could we be into the start of the mother of all booms? I mean seriously.... 4,000 hits on this property in 1 day?

http://www.realestate.com.au/property-unit-wa-mandurah-405308650

I am beginning to question if I have under estimated the effect of the reduced building activity and finance problems of the past few years. Cap values dropped so far and so fast that perhaps they could just bounce back up again?
Click to expand...

Mandurah seems to have turned the corner on rents, I just had a breaklease a week ago, where one set of tenants moved out and the new ones took possession very next day. And new tenants paid an extra $20 a week over the asking rent to secure it. A year ago I was getting $270, now it's achieving $360.
Just a simple 3x1 central mandurah.
 
Burnhi said:
Mandurah seems to have turned the corner on rents, I just had a breaklease a week ago, where one set of tenants moved out and the new ones took possession very next day. And new tenants paid an extra $20 a week over the asking rent to secure it. A year ago I was getting $270, now it's achieving $360.
Just a simple 3x1 central mandurah.
Click to expand...

wow! when you take into account IR drops youre prob 5-6k better off
 
Perth's property market is moving well in the sub $500,000 rang. This is understandable due to first home buyers, duty relief & grants.

The upper range has done nothing much.
 
I beg to differ, it really just depends on the property and where it is.

I have seen development properties under offer before being listed $500,000+.

What next, G Hegney believes this market will continue to rise, due to fear of missing the boat, I hope so:)
 
WASP said:
We're looking at putting a property on the market at present to finance a new build, I'm wondering if it's worth spending some cash on it rejuvenating the property for sale ( I expect $10k spent would achive an extra $25-30k) or just fire sale it as contracts for the new build have just been delivered and it's a good time

Tenant has about 3 months left on lease
Click to expand...

If you can make $2.00 by spending $1.00 why not.
 
MTR said:
I beg to differ, it really just depends on the property and where it is.

I have seen development properties under offer before being listed $500,000+.

What next, G Hegney believes this market will continue to rise, due to fear of missing the boat, I hope so:)
Click to expand...

yeah im seeing a lot more activity in 500-750k market, up to 2 months ago it was a lot quieter than sub 500k
 
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