struggling renting an IP out; qld

a few opinions would be apprecaited,
short version
property now been on the market for 7 weeks odd now, total of 3-4 parties inspected across 4 inspections, 3 applications taken, none proceeded

house: 3bdr highest, recently budget renoed, in redbank plains

ad is quite good, photos good,

the only bug ive had is being quoted $320-$340 per week (quoted half way through reno), its now dropped from this range down under $300, which sort of annoys me, because I was quoted unrenoed $300, when searching for managing agents.

a few weeks ago, got told at $270 it will walk out the door, after subsequent price drops its almost at this price and still no interest,

there arent many other agents that seem to specialise in this suburb, so I cant really try others for their opinion, plus the attitude of the agent I dont like (more a, take it or leave it type attitude when I try and negotiate anything except price drops)

the only option im thinking of is getting another gent on board and giving them an option to list or exclusive listing

your place if its near frawley drive (that side of redbank plains) i'd say you'd get less rent then the rest of redbank plains but yea i thought the average was at 290-300.
 
Found some tenants. Great references, passed checks with flying colours.

Had to decide whether to allow them a few weeks or let them go. We chose to grab them with both hands :).

This is probably the only time we have ever had a house empty for more than two weeks and I've been doing this for many years. It is also the biggest drop in rent I've ever had to face (even acknowledging we were probably getting over market).
 
Just looking at other listings and noticed a house in a street we have an IP was asking $520 back in April and now they are asking $465 per week. This is a very unusual thing, these large drops.

I do believe low interest rates mean more people can see that they can buy for the same money as renting, and the amount of people looking for rentals must be much less due to this. That's my theory anyway.
 
Just looking at other listings and noticed a house in a street we have an IP was asking $520 back in April and now they are asking $465 per week. This is a very unusual thing, these large drops.

I do believe low interest rates mean more people can see that they can buy for the same money as renting, and the amount of people looking for rentals must be much less due to this. That's my theory anyway.
Our IP in Perth just went vacant. Previous rent was $440. Listed now at $400. The one and only application we have so far is $370. Comparables in the area range from $390 to $420. I think an issue is that there are 16 3x1's in the immediate area ranging in price from $310 per week to $430 per week. Include 3x2's and there are 28. Add surrounding suburbs and there are hundreds. I think it is easy to get lost when there are 100s of properties listed.
 
Our IP in Perth just went vacant. Previous rent was $440. Listed now at $400. The one and only application we have so far is $370. Comparables in the area range from $390 to $420. I think an issue is that there are 16 3x1's in the immediate area ranging in price from $310 per week to $430 per week. Include 3x2's and there are 28. Add surrounding suburbs and there are hundreds. I think it is easy to get lost when there are 100s of properties listed.


You should accept $370 or alternatively wait 6 months and accept $300.

Depending on what your strategy is.
 
Back
Top