Sales market stopped in month prior to election and with that coinciding with the start of winter ( quiet in Hobart ) the market is still quieter than earlier in the year , but agents are seeing an increase in interest now after the election result has sunk in. The question will be what happens when we get to spring / summer . Will there be another leg up , or has it reached the peak of the cycle . Having seen first hand a couple of pauses during the recent Sydney boom its too early to call the peak , but if not much happens in the second half of this year , it probably is the peak . Personally I think it may have a second wind . Rental returns ? Well , We’ve just re rented two compact one bedders ( around 40m2 ) for 350 / week each . Previously they were renting for around 210 / week . Only change was new carpet . They didn’t need a repaint . Cliff
We subdived our block of four and sold one . That cleared the debt on all of them . We were planing of selling all of them but are considering our options at the moment . We’d like to keep them but we are in the position of have several mortgages switching from IO to PI next year and when we looked previously , we weren’t in a position to refinance . Cliff
One of the tenants back out , but have other applications . 3 bedder which was previously renting around 300 , had bathroom update , lease just signed for $500 . Cliff
And now we’ve just signed a contract for the one the tenant backed out of ... Not unconditional as of yet . Buyer wanted an investment , but wanted somewhere that was vacant as they want somewhere to stay while they renovate . Cliff
Have sold three . Market was soft after election , but picking up in last months , though more so for houses Last was "sold " but the purchaser developed significant medical problems and we negotiated a settlement to let them out . was messy ... Will be re launching that to sell in Jan . Cliff
What do you think ...? Could have kept going , but wasn't going to be sorted out soon and there was always the possibility of having cost awarded against us . Important thing for us was to move on . Cliff