Just wondering if I could hear from people about their recent experiences with investment properties in Canberra.
I note that we rebuilt one of our properties destroyed by the Canberra bushfire – and are now having problems with getting repairs done.
We are not sure if it is the problem with the property manager – who happens to be connected with the builders foreman (and there is a conflict of interest) or there is a genuine shortage of tradespeople who are not in a hurry to come out and repair the problems we have with the property.
We have tried on numerous occasions to get the builder back out to repair problems – but after the initial attempts to fix concreting problems – he no longer returns our calls or emails.
I have looked at earlier threads to see if any property managers are recommended in Canberra – but the last ones were in 2004. Does anyone have any recent experiences they could pass on? Is Canberra just a problem spot at the moment?
thanks – we just want to keep our tenants happy!Hi Raddles,
I have properties in Canberra and I did have problems with the agent he just never passed anything on that needed maintenance.
Since getting rid of him I manage my properties myself and have had no problems everyone is alot happier.
In regards to tradies I have also never had any problems, I use the same ones over and over again and they are reliable do good work and reasonably priced. I always pay them as soon as I get the bills so everyone is happy [biggrin]
Jenny1
Thanks Jenny
just out of interest – when you have a changeover of tenants – how do you normally advertise? do you use the website allhomes? or do you use any agents at that stage to vett tenants for you.
Also where do you normally source your tradesmen? yellow pages or word of mouth?G’day raddles…
I have an investment property in Canberra.
I bought last year and I am VERY happy with the rental return.
It’s also increased in value about 25%, so I can’t complain about that either.In regards to tradies… I have noticed a HIGH DEMAND and LOW SUPPLY…
For eg. I had to wait two months for a security door to be fitted @ $300… that was the going rate and time to have it done…I’ve heard of people waiting months to get TURF put down…
If I hadn’t got my AIR CON put in through my builders… I could have
waited a few months for that also.Canberra has some of the highest rental returns in Australia, partly due to the low vacancy rates in both residential and commercial property…
I think the GOVERNMENT is doing a great job in terms of infrastructure… I mean it makes sense doesn’t it… they all live there… so why not spend taxpayers money in your own region. (OPM)
The Gungahlin / Belconnen / Woden expressway is a fine example of them be pro-active rather than re-active.The way I see it:
Sydney is like a bastard son… It just sort of happened…
People arrived THEN the plans were made.Canberra is like a loved child.
It is the product of years of thought, planning and care.I also get the feeling that despite what Lil Johnnie has said recently… there won’t be a nuclear plant put at his residence in Deakin.
In regards to your query about listing…
I think allhomes is the ONLY choice…
I ran an ad there and had about 10-15 calls…
It’s all about creating WIN-WIN situations.
Personally I manage my property myself…
I don’t see why I should pay an agent $10-20 per week to be rude to my tenants…
This ofcourse is a personal preference…So wrapping up… Don’t settle for less, Canberra is a quality area which has some great opportunities available…
If you need some tradie contacts… PM me (perhaps I can help)
Happy hunting everyone,
The Contrarian.Hi Raddles,
If you want a Real estate agent to really take care of your property, I do very much recommend John Dunn from Dywer Dunn Property Consultants in Kingston. I havea few properties in canberra, and i never put all properties in the same basket. Other real estate agents that are managing my other properties are useless, esspecialy recently. I have neede some repairs done by tradies as well, but the problem ahs not been resolved NOT due to short supply, but because the my other agents are just incompetant at times.
If you would like further suggestions and including tradies and so forth, i am glad to assist there. I am also glad to see some other Canberrans on board.Cheers,
Raddles,
I use allhomes when advertising I had immediate respose to the add people were offering me more money than advertised to get the property due to the shortage at the moment.
Happy to also give contacts that I have for the reason stated previously. PM me if you like and I will pass on .
Good luck
Jenny1
thanks everyone for your posts – the positive vibes have had some effect – or maybe the property manager finally got it that we were getting p…off
the builder is finally speaking to us again – and has some proposals to remedy concreting problems
our neighbour – who has been disputing the proposed fencing quotes for the last 16 months – has finally agreed to resolve issues so the fence can be built
hopefully we will have an electrician out to the property soon (or I will take up your offers to PM you for your recommendations) and also a plumber/drainer to sort out problems which resulted from that big hail storm the other week
and yes – I would have to agree – the rental market in Canberra is definately good for investorsHi everyone,
I will be doing renovation in 4 wks time in Belconnen area. Can anyone recommend tiler, electricians, plumber for both drainage and plumbing work, gas fitter, carpenter and handy man?
The reno job will be:
1. retile 2 bathrooms, toilet and laundry
2. replace an existing bath with shower and toilet (drainage work required) in one bathroom. I have drainage plan already.
3. new kitchen + retile the floor area
4. flooring in living area, havent decided carpet or tile
5. where can I get wall mounted vanity unit including mixer for under $500?any help is much appreciated
cheers
Just had to LOL at this comment:
Sydney is like a bastard son… It just sort of happened…
People arrived THEN the plans were made.Canberra is like a loved child.
It is the product of years of thought, planning and care.Hi everyone,
I'm a newbie in IP, but have recently bought an IP in Canberra. We are dealing with L.J Hooker. They seem to be good so far. They are charging 11% commission, staggering compared to Sydney. The IP still need to be tennanted, but the proposed returns are very good.
My husband and I are self-employed in the hospitality industry and live an hour away from Canberra. When searching to buy, we only had time to see the properties on week days and by that time the properties we were interested are already under offer. However, we managed to see one that we liked and made an reasonable offer and vendors accepted. We might not have bargained hard, but we just couldn't make it to most inspections and time is very precious to us.
Prusli,
You probably have finished your renos by now. Can you please give me a break down of costs of your project?
Later, I am hoping to create/extend the outdoor entertaining area. Is there a recommended landscaper at reasonable cost?Great to see other Canberra investors getting together.
CHEERS!Hi,
I have a question for candybug.
I'm new to Canberra and am seeking an IP here. I've been researching for residential property I can lease out. But so far I've not found anything even close to positive geared.
I suppose I'm looking for some encouragement that positive geared properties can be found still. So my question (hope you don't mind) is whether your IP is positively geared?
Yes, as you say – good to see Canberra investors getting together.
Regards, DC.
Hi dcincome,
The Canberra property is my first IP, so am naive when it comes to numbers. Sorry. Originally, hubby & I were looking at the Sydney market, but the repayments would tie us down for further purchases (hubby likes inner west houses). We live an hour away from Canberra and only made this move a year ago(was living in Riverina). After a work mates suggestion, I started looking at the Canberra market.
For tax purposes, negative gearing works for us. Canberra's rent is quite high……we were juggling b/w positive cash flow & capital growth. Canberra property seem to fit the bill, good capital growth and not heavily negatively geared.
We bought the house in September for $455,000 and PM is expecting $490, currently we just accepted an application. How do you work out the return? At first we thought we get in b/w $420-$450. So, we are very happy.
We are holding it for the long term, so hope to slowly renovate it in b/w tennancy.
I would like to buy another house in Canberra, but hubby wants to build a house for ourselves. LOL. We will see when that happens. I had my eyes on Holt for a few months and it seems to have recently taken off, at least the properties there are moving faster.
From the last few years, Canberra certainly seem to have grown and they do have 4 unis, they median income is very high compared to most states, they are the Capital City and you can still buy houses for under $400K.Coming back to the question.
As I don't know how to crunch numbers(hope to learn soon if I spend more time in this forum), try looking at townhouses and decent looking units – their return seem to be looking good. Especially town houses close to Belconnen. Once saw one in the paper fairly close to the city, needed refreshing and from memory was close to neutral or even positively geared…….depending on your deposit. Being close to the city was the most attractive factor, I guess with anywhere. You got to be quick though, often offers are accepted in the first opening inspection.Do you use allhomes.com? This is not your 1st IP is it? Just keep your eyes on the market, don't let your ideal IP slip through!
CHEERS!
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