I have bought in Hervey Bay, spent time doing it up painting new carpet, tiles etc and this was in April. I put IP in the hands of a reputable agent to manage (little did I know that the person managing it used to be on the reception desk and got a promotion to management).
Through personal circumstances I left it with the agent to rent out (normally I watch it like a hawk). So I waited and rang up to find what was happening, asked when was the next open house was and told Monday afternoon! [angry2]
To cut a long story short this went on for several weeks, in that time dropped the rent (twice) offered first weeks rent free. So I sacked her and have gone to another agency.
They said couldn’t see why it was not renting as v presentable but the market was slow and they have got alot of properties on their books.
This property has still has not got a tenant in. On the net there are quiet a few others that are doing it tough like me in regards of dropping the rent one weeks rent free etc.
Has anyone got any ideas![blink]
Thank you
Jenny1
Hiya Jenny,
When you say “any ideas”….do you really mean any ideas at all ?? Are you open to all suggestions ??
Here’s mine..for what’s it’s worth. (it’s a repeat – you’ve heard it before, so probably not a lot !!). [blink]
When you were purchasing this place back in April I sent you a cracker of a little shop leased out for 3 years. Purchase price was 89K and the rent was 12K nett per year (tenant paid all o/g’s).
My suggestion would be to flog your new tarted up place to the highest bidder and acquire some props that have both +CF and also ready to go tenants in place.
It’s probably not what you wanted to hear in terms of simply renting it out – but sometimes pulling the plug and moving to greener pastures can be the best option.
Hope hubby is recovering OK.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Hi Dazzling
You always make me laugh, but if it is all the same with you I will take you up on your suggestion to sell my tarted up place only.[biggrin]
It was what I was thinking and only confirming what I already knew.
Hubby still in hospital but coming on OK, thank you for asking.
Cheers
Jenny1
Hi Jenny,
Sorry to hear you are having troubles with your IP in Hervey Bay.
We have a few IP’s there, and we are in the process of shifting there soon. We think Hervey Bay’s future is great, especially with the new airport expansion etc. etc.
May I ask which RE Agency you were or are now using?
There has been a big glut of rental houses the last few months, and the sales market has also now slowed down a lot. Apparently it is expected to pick up in September, as historically this has always been the case.
So many investors went on a buying frenzy 6-12 mths ago, and so if you want your house rented, realistic rental prices are needed.
If you are interested, I would highly recommend our PM in Hervey Bay. We use Sal from The Professionals. If you talk to her, tell her Del recommended her…. We have a great working relationship, and if I can be of any assistance to you, just let me know.
Good luck,
Del [biggrin]Hi Del
do you feel that the incredibly strong population growth that Harvey Bay has experienced over recent history will continue ?
regards westan
http://www.nzpropertytogo.com
check it out !Hi Westan,
Yes I do!!
Jetstar & Virgin Blue have just commenced flying into Hervey Bay since 29th July. The airport expansion cost approx $13 million.
Because of this, tourism is expected to increase by approx 1000 people per week. Lots of these tourists will fall in love with the relaxed sub-tropical lifestyle & safe protected swimming beaches.
An industrial park is also being done near the airport ATM costing $75 million.
For those who don’t know, Hervey Bay & Mandurah WA are Australia’s fastest growing cities.
Good quality property will be worth holding onto here…
Sound a bit biased, don’t I?? [blush2][biggrin]Regards,
DelHi Del
yes as a % Harvey bay is the 2nd fastest growth area of OZ, so you are living and investing in the right area. Mandurah is 1st but it only has 15,000 people so its only a little place.
check this out
http://www.thebigshift.com.au/pdf/Media_release_-_Australia.pdfOK a quiz for you, what is the fastest growing city in Australia- purely on population, it will suprise some of you ? Take a guess
regards westan
http://www.nzpropertytogo.com
check it out !Hi there,
I lived in Hervey Bay 2 years ago and worked at the local hospital. It was around the time of the big property boom there.
It is a beautiful place and lots of retirees end up there = in their own homes
There are also lots of travellers from interstate and overseas.= caravan parks + camping
There is a also a fairly low socioecomic group of locals too. = cant affort rent in a nice place
This is not good news for an investor who has spent a motza on over inflated prices, charging rent the locals can’t afford.
On the positive side, there was going to be an extension to the airport – maybe short term holidayrentals could be a option, but people will want fully furnished places. You will be competeing with the resorts
There isn’t much in the way of industry there. Your best bet will be uni students, and professional types. You could approach the hospital and ask to leave a notice up. There are always Drs, police,nurses and teachers floating though.
Good luck
Hi Del
First I went to Ray White (that was where the receptionist who became the Property Manager) and now I have started with Raine and Horne.
You don’t need to sell me on Hervey Bay as hubby was born and bred there and still has rellies living in HB.
Rental Manager said this time last year had 203 applications for rentals so far this area has only 73.
Didn’t know about IT park going in that will bring others to the area.
Beano, I will look into having a post put up at hospital, police station. Might need to push my own barrow and see how it goes….Til Sep you say Del until things pick up hmmm
Thanks for your comments
Jenny1
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