You could be right. It has about 9 facebook 'likes'
Your property has been listed for rent too cheaply when you have over 3000 views
- Thread starter INVSTOR
- Start date
Reply to above, Dazz's very long post, what about if you sell, then with the proceeds of sale, pre-pay some interest.
Hi Invstor,
As I said, there was only one cheeky offer made, and even then it was just a verbal throw away boast probably....certainly nothing on paper, that of 950K cash. The place is worth 1.35m, at least that is what the Bank is carrying as it's valuation.
Remember, the place only generates 36K pa gross. It's pathetic, but all financial measurements must be made against it.
Accepting an offer of 950K would be crystallising a 400K loss (11 years of rent) and trigger a 160K CGT bill (4.5 yrs of rent).
I could literally sit with an empty house for over 15 years and still come out in front, compared with accepting that low-ball offer. Low ball offers only work on desparate Vendors. The vast majority of low ball offers simply get screwed up and thrown in the bin.
In almost every analysis, capital matters trump income matters.
in the viral world it's not hard to get lots of hits. I'm sure the posting here increased hits by several hundred. I've clicked on it a few times every time someone posts to refresh my memory as to what its all about.
what would be interesting is to bench mark the hits against the norm. how many hits does the average place get?
if it was listed cheap it would have gone?
Fair enough!
I've found majority of renters start looking for a property 2-3 weeks before they plan on moving and the property isn't available until the end of this month. I know a few people renting around the area paying more rent for unreno'd properties. It still looks way too cheap to me for a neat property. I thought the rental market was tightening in Perth, not going backwards! Correct me if I'm wrong. i have no idea what the ave number of hits is!! I doubt it would be commonly over 3000 though.
Hmmm, I keep reading this as well. Tenants moaning again, lack of available housing, rents rising, Landlords in clover etc etc etc. It's even in today's paper again.
We aren't finding that at all. We have dropped our rent by $ 120 per week and still we can't get a sniff....
Sometimes, reality out in the cut throat market place vs what is reported by 23 yo wet behind reporters, quoting some 30 yo "expert" as their source, are worlds apart.
I'll find out soon enough as one of my properties will be advertised for rent soon. My friend and her family + 2 dogs were looking for a property in past few weeks in cheaper suburbs surrounding Mt Lawley. She said there was heaps of competition at the home opens, heaps of uni students looking for a property for $450 and under. She said if you moved to the price bracket higher than that, there was less people attending home opens. She ended up moving out in the sticks somewhere instead where a property had been sitting vacant for a while after being trashed by young tenants and they only wanted to accept a family.
Someone tell me if I've missed the point.
To me, 3000 people have said 'no' to this property. This suggests to me that the price is too HIGH, or the owner is declining applications left right and centre.
Cheap properties rent quickly. not slowly.
To me, 3000 people have said 'no' to this property. This suggests to me that the price is too HIGH, or the owner is declining applications left right and centre.
Cheap properties rent quickly. not slowly.
Very interesting read.
My new focus has been to scout for investments in landlord-friendly developed economies, where people respect and show some deference to landlords and where laws are not as onerous on landlords, and where the local economy is booming at 5-6% GDP growth, ensuring I get my 3% rental growth, and where I can borrow at 2.5%.
Why people invest in Australian residential property with onerous laws that are akin to Qantas union protections, when the A$:US$ is 1.03 and A$:Euro is 0.75, with borrowing costs of 6% and net yields of 5%, where the economy is a one-trick pony, and where the economy only manges to grow at sub 3% in a once on a century boom, is still beyond me.
just curious which city is this place dazz?
Like where Deltaberry? Not challenging, genuinely curious. I know in the UK if you can come up with 60% LVR there are loans at 2.25% IR
My PM's found a tenant quickly. I felt it may have been advertised for $10 a week less than what it was worth but prospective tenant offered to pay $10 a week more than the asking rate any way so all is good.
This article may be of interest to others also.
Mr Airey said that despite a large number of sellers withdrawing from the market and moving their properties to the rental system, the vacancy rate for rental housing had in fact dropped below 3 per cent for the first time since early 2009.
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"It seems that despite housing affordability having improved, many people are still opting to rent rather than buy and this is placing increased pressure on the rental market, pushing median rents up by 4 per cent or $15 in the quarter to $395 a week."
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Whole article talking about Sept 2011 quarter.
http://www.bourkes.com.au/newsDetail.aspx?id=19771
Reiwa is reporting: Overall median rent up 7% to $395 year to Sept
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Dazz is 'specially holding that property just for me and my tribe of destructive mongrel kids and pet ... just in case hubby gets a job in Perth sometime in the near future.
Could be next month or could be in 6 months - but he better not rent it to someone else or I'll be mad.
Which reminds me - better get the pit bull desexed before he gets the pig dog up the spout again.
'Cause I know Dazz from some forum thingie, he thinks I'm a good sort (hehe) and will mow his lawns (hehehe).
Nah - really - Dazz offered me the place, if still vacant, as hubby has been offered a job in Perth but we won't know for another 2-4 weeks if it's a goer. But he is under instruction not to hold it if he gets a tenant offer.
The offer was very muchly appreciated - just have to see how the fates play things.
Could be next month or could be in 6 months - but he better not rent it to someone else or I'll be mad.
Which reminds me - better get the pit bull desexed before he gets the pig dog up the spout again.
'Cause I know Dazz from some forum thingie, he thinks I'm a good sort (hehe) and will mow his lawns (hehehe).
Nah - really - Dazz offered me the place, if still vacant, as hubby has been offered a job in Perth but we won't know for another 2-4 weeks if it's a goer. But he is under instruction not to hold it if he gets a tenant offer.
The offer was very muchly appreciated - just have to see how the fates play things.
Hmmm....funny how things turn out.
In the middle of last week before leaving for Sydney, I palmed it off again to the same PM who couldn't rent it at $ 700 pw back in March and April.
Their remit from me was "frankly I couldn't give a rats about it anymore, just don't put in a whinge freak....otherwise leave it empty....I'm off to do some substantial property leasing deals.....don't bother me."
They called me up on Tuesday afternoon, less than 3 hours after I had the biggest leasing deal of my life signed up in my hands, to say they advertised it for $ 650 pw over the weekend and had 3 separate parties thru, all of which put in applications. Two professional couples earning over 400K pa wanted to move in together and they offered to pay $ 700 pw and sign up for 2 years. The PM did the background check and they passed with flying colours, so I said yes. It has finally been leased.
It never rains, it pours.
how long did it sit vacant?
Why? Just right at your very doorsteps in the financial center of Asia Pacific.
Oh Dazz - your leasing is timely. Just covered you first class flight to Sydney. I like.
