rents falling Vic Pt QLD?

Hi there.

Has anyone noticed rents falling?

For example in Victoria Point QLD?

I've had the PM say: "No interest - drop the rent". a bit of a nuisance really.

On the other hand: What are good PM's in Victoria Point? :)
 
Hi there.

Has anyone noticed rents falling?

For example in Victoria Point QLD?

I've had the PM say: "No interest - drop the rent". a bit of a nuisance really.

On the other hand: What are good PM's in Victoria Point? :)

Don't know about Victoria Point rent but noticing ur goals, think they are too low, with your portfolio that will happen with no effort, what about doubling the $1m at 40 t0 $2m so you have to get active?
 
Yep.

It's been a while since I looked at the goals on the bottom of the thread.

That's the second time in the last month someone's booted me up the bum to get active! thanks Bigtone!

I just started reading a thread in which you were 'hotspotting'.

Interesting reading. Quite challenging to my (obviously too small) thinking!!

Cheers
a/c
 
yep aim for the moon and if u miss still in the stars and all that stuff.

seriously u have done the yards and can expand further if u want to aim a bit higher!
 
Don't know about Victoria Point but they are definitely falling here in Ipswich or if not exactly falling certainly not rising particularly and tenants aren't in huge supply either. When one of our IP's recently became vacant we only got the one application. You only have to drive around the suburbs and see the number of for rent signs all over the place to realise that things have slowed.

This place has been a bargain hunters paradise for a while now and that bought in the investors. So now there are heaps of places available for rent.
We have heard of a developer who built an entire estate of nice new four bedroom lowset brick homes but hasn't been able to sell them so the majority of them are now on the rental market, mostly at under $300 a week or just slightly over with the option of using your rent as a deposit. This is the sort of thing that brings the prices down.

But no doubt given time, that will turn around again, swings and roundabouts.
 
I have been told just this week that with a house about to be empty, and with a lot of houses for rent available in our area right now, that we are advised to try to rent at the same as we have been getting for the past nine months or so rather than try for higher rent.

I don't want to drop the rent to get a tenant, but will do so rather than have it empty.
 
Thanks for the replies.

Thanks guys.

Seems I'm not the only one seeing this trend.

Bugger eh? Re-adjust the figures and get on with it I guess.

And hey - BigTone - thanks mate. I do appreciate it when people give feedback. Third time I've been challenged in a month, I am starting to listen!!

:)
 
Wylie, we have been noticing that for a little while now. Rare that we need to drop rent, but fairly frequent that we believe keeping the same rent is prudent. A lot depends on our owners point of view, as well as needs. Most want the till to ring each week, rather than squeese every drop.
 
Wylie, we have been noticing that for a little while now. Rare that we need to drop rent, but fairly frequent that we believe keeping the same rent is prudent. A lot depends on our owners point of view, as well as needs. Most want the till to ring each week, rather than squeese every drop.

i agree with that line of thinking, prefer the rent to keep rolling in even if slightly below market
 
I agree. We are advertising at the same as we have been getting, but if no nibbles within a week, we will drop $10. I want the money rolling in and would rather $10 less than an empty house.
 
Hi there.

Has anyone noticed rents falling?

For example in Victoria Point QLD?

I've had the PM say: "No interest - drop the rent". a bit of a nuisance really.

On the other hand: What are good PM's in Victoria Point? :)

Hey alwayscurious,
I have just rented one in Tingalpa, plenty of interest but I did take slightly reduced rent to get some (hopefully) quality tenants. I can thouroughly recommend my PM:

Tania Darveniza
Proper T Managment
0449216754

very efficient and will work her *rse off to get you a tenant. Dont know if she looks after Vic Point but give her a ring if your interested, she seems to look after most areas.

Thanks
Scott
 
i agree with that line of thinking, prefer the rent to keep rolling in even if slightly below market

But it's not below market. If you have to lower the rent to get a good tenant, and IP owners all around are doing the same, then that rent IS the market.

Markets go up....markets go down. Ho di hum. :)
 
Rents are falling all over Brisbane, inner city gets hit hard and the on-flow effect is everyone else heading out feeling it.

Also, mid-year is the WORST time to try and let your property – People are locked into 12 month lease’s, those who aren’t are looking for more for their dollar (fair enough).

The best possible time is December/January (QLD at least). There is a huge demand and tenants seem less picky.

It would be in your best interest to cut the price right down, get good quality tenants in and only offer a 6 month lease to bring it up to the higher demand period. Any property manager who only pushes for 6 month leases from the get-go is only looker after themselves and their more frequent re-let commissions.

Of course, only going with a 6 month lease contradicts what I have said above, but you realistically need to bring your property back in-line with the best possible periods to maximize your return.

Why not ask your PM for a better deal? Negotiate the re-let commission? At the end of the day, is the Principal really going to want to lose a management over meeting you half way on a re-let price?
 
Thanks for that - rents have dropped.

yes, rents have definitely dropped in Vic Point.

So that's a given.

As far as keeping the PM on board - NO GO.

As soon as they've responded and bring the property back to standard
I will be seeking other agencies.

I now have a list to ring on Monday.

Sad really. I just expect them to do a 'good' job. Seems like it's too much..

Sigh.
 
It is not unique to Vic Point.....rents in most parts of Brissie are dropping.

This is because there is lower demand for rentals as first home buyers got in and the migration rates from other states to Qld have dropped. This will change at some point.
 
Drove to the local shopping centre on the weekend. Around 1.5 km.

Passed THREE houses with "for rent" signs outside.

First time ever I have seen three so close together.

Recently checked with PM on Sunshine Coast. She said there were definitely a lot more houses available for rental.
Marg
 
I was wondering if decline in rent demand in Brissie was a trend so thought I would stop by these forums.

Gee nobody told me re falling rents I just put my rent up $20 and it was accepted by the tenant (in redland bay)

I think fishing for new tenants is the problem. I've had a few leases extended recently, in Bulimba and Woolloongabba, both up $10p/w for 6 months. However a friend of mine has a IP in Coopers Plains, their tenant split and they have had the place empty for a while now.

It's a nice house and they want the same rent their previous tenant brought in which is above market. Seems plenty of emtpy stock available in that area at the moment, and by the sounds of it all around Brissie.
 
We're currently renting inner south Bris and looking to rent again or buy - whichever comes first. It depends on the sale of the property we are in now which has been on the market for 5 months with little interest. On my re.com.au watch list I have 2+ bed houses to rent, 3 bed t/houses to rent and 2+ bed houses to buy - all within 25 mins of BNE airport - Sandgate to Wynnum.

All watchlists have steadily increased in number since about March. e.g. my notes say that back in March there were 79 houses to rent matching my criteria. Today there are 111.

Investors are moving fast to address this and rents seem to be falling slightly - but OO who have their homes on the market are in some kind of la la land - they're dreamin'.
 
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