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I would be interested in seeing some replies to this….
If you are talking about Perth, my place took 5-6 weeks to secure a tenant. The rent is $10 less than it was in 2012 and in end the property manager offered the first week free.
“The rental market’s number of properties for lease did soften (now at 5,711), however this is almost 50% up on September 2013. The vacancy rate is at 4% and it takes owners an average of 33 days to find a tenant.”
After all these posts, I clarified exactly how the call went with the tenant. The property manager went through all the basics (pilot light etc apparently) and then came to the conclusion the plumber was required. Oh well it’s paid for now, I just thought a pilot light wouldn’t warrant a visit from the plumber. 2 minutes (literally) & $100 later I wish I had known, I would have got him to change a few washers whilst he was there :)
Depends what you want to do with it and when. I’m looking for something similar but with side access (duplex potential). You are paying the R40 price (potentially) so best utilise this potential which in this instance looks like it needs to be demolished to make it a 3 unit site. I’d say its worth $420-$440pw rent, vey small bedrooms and bathroom but could be a good opportunity, good luck!
“Cash in bank” meaning redraw facility which is on the PPOR mortgage.
The current investment I don’t believe will go up in a very long long time, some improvements are being made but I can’t imagine getting more than $450pw for it when comparing it to others online.
Just checking out positively geared properties in Perth, with historically low interest rates they do exist eg Armadale, Orelia, units in balga and the city etc. I’d prefer something with a substantial amount of land (700m2 +) as this potentially will give us a better chance at getting decent capital growth in the future.
