How's the rental market in Canberra these days?

Discussion in 'Property Management' started by RogerP, 21st Mar, 2021.

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  1. RogerP

    RogerP Well-Known Member

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    Location:
    ACT
    My tenant has given me notice so I need to find a new tenant into my self managed investment property in about a month.

    It's been a while since I've had to find a new tenant and I'm trying to get an understanding of the market.

    How does the Canberra market seem these days? Is it a renters or landlord's market? I'm trying to find a fair price but there doesn't seem to be a lot of other properties for rent. Is it hard to find a tenant right now? I know Melbourne and Sydney the rent prices have fallen but wasn't sure about Canberra.

    Also there seems to be a new website in town called Zango that is a free alternative (guessing it'll be free till they get popular) to AllHomes - should I advertise on there instead of paying the $450 fee for allhomes? Has anyone had good experiences with Zango?

    Aside from price, is there anything I need to be particularly aware of COVID-wise? Do I need to get one of those QR codes for when I do open inspections? Offer sanitizers when they come in?
     
    RogerP, 21st Mar, 2021
    #1
  2. summer

    summer Active Member

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    What suburb are you in?
     
    summer, 3rd May, 2021
    #2
  3. Rugrat

    Rugrat Well-Known Member

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    How's the rental market in Canberra? Booming.

    I am kind of wishing my tenant would give me notice, so I can actually increase my rent to market value instead of being limited to CPI.

    Canberra has always had low vacancy rates, but it is about as tight as I have ever seen it there at the moment. Getting a tenant isn't an issue.

    Not really sold on the Zango website myself. Maybe it will come good as more people use it. But currently I am noticing a lot of under market sales and rents on there. I guess because so many of the people using that site are doing it themselves, without REA / PM, to try and save money, and haven't done enough research to realise they are undercutting themselves.
     
    Rugrat, 4th May, 2021
    #3
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  4. summer

    summer Active Member

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    As a renter, I think the market is booming if you are in a good location or have a modern place.
    Despite it being booming I have seen a couples have to drop the rent to get tenants as the location or poor/or the property is in poor condition but the property manager has priced roughly the same as the rest of the market.
     
    summer, 4th May, 2021
    #4
  5. Coffee

    Coffee Well-Known Member

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    Coffee, 16th Jun, 2021
    #5