Wow, huge interest re-letting my former PPOR in Narrabeen

[MichaelW]

Hi Guys,

We just re-let our house in North Narrabeen in Sydney's Northern Beaches. The current tennants wouldn't commit to another 12 months and we didn't want it coming vacant in mid-Winter when they wanted to move out so we gave them notice and they're moving out in two weeks time.

We laboured around what price to ask as it had been let for $800pw which is a hefty sort of number, but its a great 4 bedroom house with an inclinator access which puts some people off. I didn't want too long a vacancy between lettings so agreed to put it on for another 12 months still at $800pw.

The agents had an open on Saturday after only three days listing on REA.com and had 8, yes EIGHT, parties through. One of the parties came back and offered $840pw to secure the property. Two other parties are still interested in letting it so we'll wait till all applications come back in then assess which tennants we'll take on.

Just blown away. This is a difficult access site which puts a lot of people off and has a pretty high rental price point. But still a huge amount of interest.

Sydney is far from dead...

Cheers,
Michael

 

[Propertunity]

Good result Michael. Sydney is far from dead indeed. I was chatting to an agent in Neutral Bay recently and he was in the middle of a bidding war between prospective tenants on a property where the rent was previously $1,400pw and now being offered at $1,700pw.

 

[virgo]

Sydney Rents

Hiya

My own experience re rents...just bought house which is split into two...tenants have been paying 165 per week each side and garage rented for 30 per week...

i upped the rents to 240 each side and 50 for garage so that the total is now 530 and that is for Western Sydney Penrith

Two of the tenants whinged and threatened to "look around"...well they did look around but "no, we did not find anything we like...." and promptly signed on....

 

[wylie]

We have just yesterday found our own tenant via Gumtree but because we had an agent advertise and hold open houses whilst we were overseas, we did the right thing and sent her to them. We have an ongoing relationship with this agency, and wish to keep things friendly. If not, we would have signed her up ourselves.

So this tenant didn't come from a real estate site, but checked out well, and as she called us from the Gumtree advert, and we live a few streets away, we met her and showed her the house, so we were very happy with her.

My point is though, that of eight people who (apparently) came through the open houses in the two weeks before we arrived home, nobody had put in an application. Agent suggested we drop rent by $10 which we did. Still nobody came to the open last weekend.

We fluked a great tenant from Gumtree but interest has been poor. The agent who suggested the rental amount also gave us an appraisal whilst the outgoing tenants were still there, and said what we were asking ($5 increase on current rent) was not too high, so I'm curious as to whether other Brisbane owners are having similar experiences.

 

[DaveM]

Bought an IP in Cambridge Park near Penrith, did a reno on it ($5k goes a long way when you know how), advertised with my agent.

First open house had 15 people through, 4 applications received Monday, best approved tuesday, tenants moved in Saturday. Rented for full asking price.