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Long Term Vacancy

Discussion in 'Property Management' started by Tink, 27th Aug, 2016.

  1. Tink

    Tink Member

    Joined:
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    Location:
    Australia
    We have a long term vacancy in Lethbridge Park, NSW

    Value has doubled but its recently been vacant for a long term, in the interim we've done some renovations ($10K), but other than a major reno ($20-30k) or bulldoze and rebuild

    REA has continually said they've had a few inquiries each week but no one suitable (due to area?)

    Vacancy for the area looks to be at around 2 to 2.5%

    What to do...Change REA's, more reno's, sell, or other?

    Any feedback from investors in the area?
     
  2. thatbum

    thatbum Well-Known Member

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    ...drop the asking rent?
     
  3. Tink

    Tink Member

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    Have done that also
     
  4. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    are they enquiries or applications?
    If they are applications then you should see if you are comfortable accepting them anyway.
     
  5. thatbum

    thatbum Well-Known Member

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    Hows the advertising? Things like the photos and accurate details can be important. Also the PM responsiveness - might be worth getting a friend to enquire.
     
  6. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    Sack em and drop rent.
     
  7. SeafordSunshine

    SeafordSunshine Well-Known Member

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    Just a bit of thinking outside the square?
    What about comparable other properties?
    What's your point of difference?
    What is the profile of the people who are interested in your house?
    Is there something that the type of renters you would like to attract?
    Can you entice them by including it?
    I hope this helps
     
  8. Coota9

    Coota9 Well-Known Member Premium Member

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    Currently vacancies sit at around 1% for this suburb so as others have already mentioned you need to deep a little deeper as to why it's not moving,vacancy rate is very tight so it's not the local rental market.
    Price,agent or maybe a mix of both!!
     
  9. Shawn

    Shawn Well-Known Member

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    Only 5 houses available to rent in Lethbridge Park at the moment. All seem to have available on RE.com for more then a week and one of them has the price listed as 'Contact Agent'

    I hope that's not yours!

    Also from what little I know of Luxford Rd if your place is on that you'd have to dig deep and drop the rent.
     
  10. mikey7

    mikey7 Well-Known Member

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    I see 136 listed for rent?
     
  11. Coota9

    Coota9 Well-Known Member Premium Member

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    136 Listed in that postcode 2770 but only 5 properties listed in the actual suburb of Lethridge Park
     
  12. mikey7

    mikey7 Well-Known Member

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  13. Tink

    Tink Member

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    Not ours, or on Luxford Road

    Thanks also to others, its all food for thought