QLD Finally. Yes finally the Brisbane market is picking up

retire

 

this the oil in the ointment which could be the game changer? time will tell

 

Dooooooom and gloooooooom - few optimists. 1.7% for Brissy in 2017 and less thereafter

 

How do they come to that figure?

 

you probably have very nice/near new properties. How many beds and how much did you renew for?

When did you renew them? from what i observed, its been a pretty busy first couple weeks coming back from school holidays with tenants rental hunting so tenants are more likely to renew as they will find it hard to compete. and if the 2 month notice to leave was sent to them before christmas, they would have had not much choice but to renew, rather than look at their options.

AFAIK last half of last year was not so good for landlords renewing leases.

It will be interesting to see how rent renewals go after february as peak rental season dies down and the next batch of units come on the market there's a time lag between going up and pre-settlement inspections and getting settled

 

I cannot, CANNOT get a builder either. I have three sites, including a major renovation on my PPOR. We have had plans drawn and even accepted quotes, and nothing happens. We've gone through 5 builders so far. It's driving us nuts.

I don't at all

One is probably the worst house in the street, if not all the local streets
The other is nicer, but not 'nice'. It's got a great deck and a nice outlook, but neighbours are all building sites. I think @wylie has maybe seen them all. And 60s builds. One was actually an architectural show home - but it looks like a crappy triton shed

My PM came over for an house this morning to appraise our PPOR to rent.

She said the market is very strong and that we are about 50/week under market. We are just waiting for the construction to finish and we will hoik it back up.

We talked about lots of local properties - comparable to my PPOR, she said she had 8 applications last week on a similar house. I was quite surprised at how upbeat she was about the market - she is a pretty straight shooter.

But yes - we are in peak season through to March

 

Hi Bran,

thanks for the feedback. I guess for houses its still going steady and ok in terms of prices and rents.

I havent been through the area this year but did go by last year and gosh its a lot of stock going up, though maybe not as much as in the CBD areas. Once those buildings sites complete this year I am pretty sure there'll be a lot of excess capacity on the market and options galore for renters.

look at this development with multiple brand new units having to give 4 weeks free rent lol (this just looks like desperation on the landlords part)
3BR
3/16-26 Archer Street Upper Mount Gravatt Qld 4122 - Apartment for Rent #419781146 - realestate.com.au

2BR
2/16-26 Archer Street Upper Mount Gravatt Qld 4122 - Apartment for Rent #419775902 - realestate.com.au

I reckon its gonna get uglier in the CBD areas for unit rentals pretty soon this year.

 

So it seems like houses are in demand and easy to rent out. Apartments are oversupplied and hard to rent out in Brisbane.

It seems to me that a lot of house renters don't want to rent apartments, and visa versa?

 

Most likely the case but some tenants especially singles, young couples, students and smaller families might rent a unit. It will definitely have a negative affect on the overall rental market no doubt. From my small sample size in a few suburbs North and South I haven't had any problems with vacancies for houses, rents are flat or with small $5-10 per week increases only.

Whether this will change later this year remains to be seen but I would expect pain for Landlords who own units in the larger blocks around the CBD, South Brisbane, Fortitude Valley, Upper Mount Gravatt and Chermside. There is some serious development happening around both UMG and Chermside Westfield shopping centres. Population growth although well below the decade average will eventually absorb some of this excess about to hit the market but it might take a few years.

 

@HUGH72 : yup pretty much looks like a good roundup of whats happening on the ground in Brisbane at the moment.

 

Dartboard ?

Cliff

 

If your broker is trying to sell you a fixed rate loan he would say that ...

 

Yep - my properties both have pets. All renewals timed for this month. 12 month leases only. I miss an potential rent increase, but avoids a mid year vacancy

 

Why would anyone rent a 3 bed room apartment for $550-$580 when they can rent a decent home much cheaper? 47 Morialta Street Mansfield Qld 4122 - House for Rent #416878250 - realestate.com.au

 

For some it might be because of:

Location/proximity
Security
Facilities
View

 

very funny

 

I have two units in Mt Gravatt that are vacant. Both are advertised at $355pw. The PM is suggesting we drop the rent to $340.

What!! That is a $1,560 gross hit to my cashflow

Oh, I forgot. I am saving $30,000 a year in interest charges from when we bought the block in 2008.

Guess it will have to take the hit, for now!!!

 

The thing is why would you want to rent a unit in Mt Gravatt, there's much better suburbs to rent at similar prices much closer to the CBD

 

Uni?

 

Can I suggest that 355 is perhaps not the best price point? Dwellings are searched with a max in $50 increments - so better to make it 350, or 345. Otherwise, you are losing the whole 350 max market, whereas those happy to spend up to $400 probably do so.

My 2 cents