Has anyone else noticed the rental market has slowed down quite alot? I put it down to all the first time buyers getting into the market while the handouts were ben given out by Mr Rudd.
In Brisbane some properties in desirable locations have been on the rental market for some time. In one of my properties i had to lower the rental rate from $380 to $350, and its a new modern 2 bedroom unit 5 minutes from the CBD.
Interesting times as the media say one thing but you see different results on the ground.
Anyone else noticed this in their areas?
Hi James
I'm not sure about the actual vacancy rate or letting times, but in Gosford (Central Coast) i have noticed that the average advertised rent for a 2 bed unit has increased about $20 in the last 6 months…
Matt
Not as hot as it was 6 months ago but it could be a winter thing.I recently got a bad tennant out and thought it would take days to fill. A month was the end result. Not so much the lack of people but more the lack of quality. Had a few interested but they pulled out. Each one pulled out because the house they were in was no longer being sold due to finance falling through.typically but after signing new tennants there was a rush for my property.
I perceive that Brisbane has somewhat of an over supply of rentals. (Due to massive amounts of development in recent years.)
If you want to invest, always a good idea to check rental demand (eg vacancies) in that area before buying.
Plus, check future employment prospects to see if the long term demand looks healthy.Elsewhere in Australia, I don't think rentals have dropped at all. Many areas have gone up.
quickchick
Most suburbs in Brisbane still have a very tight rental market, according to the latest data.
Its a case of the data not matching what I see on the ground. Looks like it is a local issue, thought this may have been seen in other areas as well.
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