How long to rent out your IP in Brisbane?

Very different to a place in Sydney I own. In 2011, leasing it out, had 23 groups go through on the first open (which was only 15 minutes), 5 applications submitted, I got to choose the tenants, in the end I took a pair of IT professionals from India who paid $20 a week more than asking.

Sure there's ebbs and flows but it's just a very different market.

 

Just accepted an application for an IP in Wynnum (20km East of Brisbane). Place has been vacant since 1st Sep and applicants don't move in until mid Oct so that'll be about 6 weeks vacant.
What's worse is the previous tenants gave 6 weeks notice and open homes were held weekly with zero interest (weren't even getting hits on the internet).
Had to drop rent from $430/w to $400/w.
PM said its due to oversupply of this type of product (3/1/1 T/H) and low interest rates.

 

I reckon you should have dropped the rent earlier. Anyway, at least you have secured a tenant. Good luck and I hope your tenants are good.

 

I was keeping an eye on the vacancy rate for the area of my IP and just after we purchased the property the vacancy rate for the postcode went from around 2% and jumped to 3 - 4% (just my luck!). All good now though, tenant is moving in this weekend.

 

Yeah you're right. I think the biggest lesson I learnt is to go with a decent PM and knowing the market. The incumbent PM didn't really have much advice for me but did have alot of reasons (excuses?) why it was vacant for so long.
I'll be changing once the tenants move in.