Are you thinking about renting out your property but have been scared with reports of the Townsville Vacancy Rate Skyrocketing?

 

We know that all landlords love statistics that are directly related to their investment property however actual facts can be hard to come by.

 

Whether you want to assess whether it’s a good time to rent your property, or just keep up to date with what’s happening up here in sunny North Queensland, we have taken the time to research for you…. And we have good news!

 

The Townsville vacancy rate has recovered significantly from where it was in October 2016. This means, less days vacant and more rent for you!

 

In October 2016 the recorded vacancy rates for residential properties were as follows:

 

Houses           4%

Units               8.2%

Overall            6%

 

The most recently recorded statistics taken in October 2017 are as follows:

 

Houses           2.89%

Units               5.63%

Overall            3%

 

That is a massive improvement in a 12 month period!

 

The total improvement overall is a whopping 3% reduction which is approximately 11 days vacant per year. If your property was $400 per week, that’s $630 back in your pocket!

 

However, don’t get too excited. To put things in perspective, this does not mean that rental prices have recovered drastically. Compared to capital city markets that have an average of a 2% vacancy rate (and more potential tenants to choose from), a 3% rate is good (and getting better every day!) but still has a way to go.

 

In summary, if you were considering renting your house this time last year but didn’t OR you did rent your house last year and the lease is coming up for renewal, you can expect to get more rent and less days vacant compared to this time last year. It goes without saying that this means more money in your pocket.

 

If you are considering renting out your property but are concerned about your rental return, make sure to carefully assess your own budget and consider the following;

 

  • Set your rental income forecast at a worst case scenario and allow at least 3 weeks vacancy, just to be sure
  • Don’t just calculate your mortgage repayments, but also include other expenses such as your loan interest, bank fees, insurance, rates and body corporate contributions if applicable
  • Take into account property management fees in your budget, including letting fees, administration fees and other fees that may occur in that year
  • Allocate a budget for maintenance which is approximately 2.5% of the property’s value per year

 

 

If you liked our information and advice and want to know more or would like to talk to us about how we can help you get the best return on your investment possible, give us a call or send us a message! We’d love to hear from you.

 


If you liked our information and advice and want to know more or would like to talk to us about how we can help you get the best return on your investment possible, give us a call or send us a message! We’d love to hear from you.

Don’t forget! If you have a friend or family who may be interested, refer them through to us! If they become and an Excellent Owner, we will give you $200 cash!

Phone: (07) 4408 8062

Email: elley@excellencepm.com.au

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Our Purpose

Our purpose is to provide property owners the assurance of Excellent Service in an industry where there is little to no accountability to the advice and service they receive. ‘Good’ is not good enough for you, and it’s not good enough for us.

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Our Guarantees

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