Rent in the Surat Basin

[JPS25]

We have just done our handover for our first Investment IP with Steve Bradford from Surat Basin Homes at the beginning of this month. We also have a tenant ready to sign a lease starting in July. Both Steve and Jay were very helpful and proffessional in thier approach to everything. The house was built to a very good standard and are definetly one of the better builders around in the area. I would recomomend them to anybody wishing to build in the Surat Basin. We also have an expression of interest on a block of land in Miles.
Our prospective tenant is will to pay the $400 rent the initially wanted 12 months but possibly going to go for 6 months instead. We are new to this any advice as to weather to stick out for 12 months or except 6 months in the hope that by January things will have started to take off would be very helpful
Thankyou

 

[graisme]

we have a property in chinchilla (12 months old, 3 bed townhouse). was rented at $465/wk furnished. dropped the rent to $330. has now been untenanted since the end of march. no tenant on the horizon.
go for the longest lease you can till the mining issues are settled.

could be prudent to wait a little longer on other such purchases....

 

[James Strongman]

We have just done our handover for our first Investment IP with Steve Bradford from Surat Basin Homes at the beginning of this month. We also have a tenant ready to sign a lease starting in July. Both Steve and Jay were very helpful and proffessional in thier approach to everything. The house was built to a very good standard and are definetly one of the better builders around in the area. I would recomomend them to anybody wishing to build in the Surat Basin. We also have an expression of interest on a block of land in Miles.
Our prospective tenant is will to pay the $400 rent the initially wanted 12 months but possibly going to go for 6 months instead. We are new to this any advice as to weather to stick out for 12 months or except 6 months in the hope that by January things will have started to take off would be very helpful
Thankyou

You could accept the 12 month term with a rent review after 6 months. this will give you the best of both worlds.

 

[Gravos]

Rent in Surat Basin

Rental market is still very soft. Just spoke to my property manager there - currently 213 vacant homes in Dalby. Properties that were being let for around $550 are now getting $300-$350. There is very little resources related activity on the ground at the moment it would seem. If you are investing here you need to be prepared for some vacancy periods until things pick back up.