So the only way for your landlord to put up rent above that 1.2% is to throw you out and look for a new tenant ? That's rough.
Well, i am already paying market rent. If he wants to raise rates more than 1.2X increased CPI then he can, of course, throw me out. And then he can advertise for significantly more than what the current market is and have an empty place for a month or so, pay for advertising, etc., etc. and risk getting a much worse tenant than I am (I am pretty much the ideal tenant, btw. property is in better condition than when I moved in). Sure he can do that, its his property, i don't have a problem with it though I do think it would be a foolish thing to do.
Property prices have probably stopped falling if not by November then this month for sure but as usual it will only show up in the stats a few months after the event.
We will have to agree to disagree.
No point in getting into that irresolvable argument. I have never seen it develop beyond a "yuh huh" "nuh uh" type of discussion. que sera sera.
you'll see a lot more of this " a number of for sale listings turn into for rent listings in canberra." only at double or triple the current rent, depending on the amount they print. Anyone with savings and on a fix income will be screwed while the big winners will be the ones who borrowed to the hilt. As a bonus they will keep the myth about property prices going up every 7 years alive.
Well if that happens it happens. It isn't going to happen overnight and I suspect that whatever new trend emerges will emerge gradually. When I'm ready to buy I will buy, until then I will rent. I don't understand why this bothers people...
@Weg
If these are OO trying to sell where do you think they end up living if they turn these homes into IP's? If they where originally IP's then they continue as IP's.
Good point. but canberra has, as I understand it (i could very well be wrong) a very mobile population compared to other cities. A lot of people moving in from and out to different states as well as a lot of people from overseas. However this is just an impression formed on the basis of the nature of the government work (a lot of people seem to get moved around a lot) and on various articles, etc. I have read.
SQM research shows a big pop in the number of listings in canberra over the past few months, though vacancy rates remain quite low. will that change? dunno. more listings would seem to imply that things are moving in that direction.
@ lizzie
ummmmm - move to where exactly? at under 2% vacancy rate across the entire inner/mid ring district (not just suburb) where my ip's are, i don't think any of them would fancy taking their chances against the other 20 couples applying (not that i am currently putting up the rent as only just had an increase 3 months ago)
Please see my previous post where i say:
if you are in a popular district with people clamouring to get in obviously the situation is different.
it looks like its "beat up urchin day" today
that's ok. i think my positions are pretty mild and reasonable, though, so please react to what i write not what you think "doom and gloomers" stand for. I am not against PI, I am not against people getting wealthy through investment. I am just interested in what is going on today in the general vicinity where i live. i am not saying that everyplace in all of australia is going into massive freefall.