How is Redcliffe peninsula going for rentals?

Is that the same house that was $370 in October?

 

We recently appraised a house right on $380 of a similar description. This is a great example of what I was saying in my other post about the data vs. the perception of what's happening. There's nothing to suggest the vacancy rate data is wrong if the agent is doing their job properly. A great result for you!

 

I mean a street block, not just a single building "block"

 

Hi Andrew,
Sorry, I was being extreme in saying "classic mistake", merely that I felt you were misrepresenting what I actually wrote.

Thanks for the information on how SQM works. It always helps me to understand the underlying methodology. I couldn't say SQM is "reliable" - unless I am part of SQM to know how they calculate, and also know every postcode in Australia and how they are going, then I couldn't make that statement. Perhaps "reliable in the limited location of experience" would be pedantically more useful.

Personally, I am happy to trust sources on the ground for the original question of - right now, how is the pensinsular going for rentals (and the OP's question about Scarborough in particular) and in particular about rental increases. I fully believe that the average local REA and PM will have much, much, much better knowledge of this moment of time in their area than SQM will ever have (or ever claim to have - be good to ask Louis sometime if he thinks he could compete ).

On the other hand, if I want to know how Scarborough right now compares with 2 years ago, or with Petrie, I would value SQM's vacancy rates as a good starting point, but then do my own research on RE.com over time.

If I wanted to know whether Scarborough is getting better or worse over time for vacancy, then that is exactly what SQM is best at and for.

It's good that you can provide firsthand information to the OP.
I am also providing firsthand information to the OP on my experience in Scarborough.
They would do well to balance the differences by contacting you and asking questions, and contacting some of the REAs (your sig doesn't appear to show you are an active REA in the area?) and asking them. I suspect selling REAs may have a different take on things than PMs.

For @Angel, the OP, my PM is Mareea at Homes4U (referenced in somersoft here and here, and often here in PC).

 

Thanks Mcarthur

 

Yep Same house, thanks @Andrew Hancock not the best time of the year either to be looking for new tenants.

 

Not Redcliffe specific, but Domain reckons Brisbane is getting worse for rentals (but not renters)...

 

Why would you post this? Firstly the article contains contradictions, and secondly we are not discussing high-density apartments. Surely tenants wanting affordable rents will not be looking to pay the higher rents for trendy new properties. Different demographic. My place will attract single and low-med income people. These guys wont be reading ads in the $500 a week and above section.

MyPropertyPro have re-evaluated the appraisal they gave me a month ago and it still stands.

 

Well, I did it because it mentioned houses AS WELL AS units: houses went from 2.6 to 2.9% empty according to Domain - not sure of how/where they get their figures. It also talked about "Brisbane's median rent" - not units. It also talked about "home loans" - not unit loans.

Feel free to ignore the post of course, but others searching for Redcliffe Pen. rentals (and it's tagged with QLD) may be interested - you obviously aren't!

 

These sorts of articles are very broad and use blunt instrument data that isn't really representative of any one particular market. They just take an amalgamation of data across an entire city which isn't really useful to anyone in particular. They're designed to solicit reactions such as FOMO or FOHO and rarely will you ever see one saying, "property market on steady trajectory showing no signs of anything out of the ordinary". For those not aware, Domain is wholly owned business of Fairfax Media.

To be honest, anyone who references an entire city as a single market e.g. "the Sydney market" or "the Brisbane market" should have their views dismissed immediately. You'll find those quoted in the article actually haven't done this and have referenced more specific data (the use of vacancy rate figures) and/or markets (inner city apartments) but the journalist has taken them in a context to suit his own article direction on a very macro level.

As a side note, they don't separate 'home loans' and 'unit loans' - the terminology references residential property lending. They haven't even separated investment vs. owner occ lending in this case...meaning that that particular line contributes basically nothing to the general direction of the article. What he has done is take the pending vacancy rate rise due to an oversupply in certain unit markets and caressed the data and quotes to make it look like it applies to every market in Brisbane - which it does not.

- Andrew

 

Hi Angel

From our experience, tenants are very reasonable when presented with evidence and the rental increase is not deemed unreasonable as per RTA guidelines.

Request for your PM to provide a comparative rental appraisal of similar properties within a 1.5 km radius of your property and show this evidence to the tenants.

Hope this helps