I just had a call from my PM (Real People Real Estate, whom I can't recommend enough!) and a house in Elizabeth North that had been renting for $235 should now fetch $320! In fact, I had a look and there doesn't seem to be any house or semi for under $300 in Elizabeth! So if anyone is looking for high yields, Elizabeth is back even after the increases in capital values!
It's a landlords market atm. https://www.realestate.com.au/property-house-sa-elizabeth+south-434342951 A few years ago you would've got a decent 3 bedroom house for $330 a week in a quiet Salisbury street. Now for that price you get a 2 bedroom ex-housing trust duplex on a main road.
What are people's views, how much can I increase my other 5 IPs in Elizabeth without upsetting the current tenants too much? There's potentially $15k+ in annual revenue to be had, which would be great, particularly since interest rates are going up.
Dear Spludgey a few thoughts How long have the tenants been there? Have there leases expired/ nearly expired How much SA Govt notice of rent increase do you have to give? How much maintenance has happened? How much will the re let fee be if they vacated? How much will the vacancy cost you in lost rent? Advertising cost? Quality of tenants at the moment? I hope this helps, and let us know what you choose to do? best wishes
I'd set them to market. If the tenants decide to move, they've got to pay it elsewhere, so why should you be out of pocket? The whole reason you bought them in the first place is to improve you/your families lifestyle, wasn't it?
Hi Spludgey If you advertise them for market rent expect to get offers 20-30 dollars above that . It's crazy at the moment.
