Ian, unfortunately the property still hasn’t sold. I’d prefer not to name the agent publicly.

Corey, risk has been mitigated by using 12 month leases that end in the peak period for new students, and rent payments 4 weeks in advance.

Hi Tracey

Thanks for your response. Getting information on comparable sales has been a little tricky – the property is technically in the Dynnyrne however it is only 20m from the boundary with Sandy Bay. The majority of Dynnyrne is on the other side of a highway and does not really give good representation of the area where the property is located. Sandy Bay on the other hand incorporates both the University and many of the wealthiest homes in Hobart. So getting representative numbers is a bit more difficult than usual.

That said there is a 3 bedroom property in the same street currently advertised for mid to high $500,000’s. So while our price (or initial lack thereof when putting “by offer”) might have initially been to high, I think we are now in the right ballpark.

People in the real estate game I have spoken to seem to indicate that other properties are selling at the moment, and it is not that difficult for the agent to get access to the property. We have a mix of Uni students and people working in the house currently.