Hey all
Just wondering if anyone knows what the current return yield for rental properties when selling is at the moment. Is a property yielding around 6% considered ok or should it be higher at the moment when selling?
We have just completed a strata on our one of our 4 units and plan on selling this one off to free up some capital. It is currently rented at $280 a week (was $300 but had to reduce after last tenant left due to a depressed market at at that time) and we thought a 6.1% return would be a good catch for someone but we thought we should do some research before we list as we dont want to fall into the trap of over pricing and having the unit sit for months.
Thought appreciated
Cheers, Leebee
What area is the property in?
Hi nicknovember
The property is in Albury – Lavington – close to the shopping centre
Approach one of the local agents to see what a comparable unit will cost to buy & how much you could achieve in rent ie do a property inspection on a unit without any intention of following through. This should give you the numbers, if not speak with a property manager with the intent of a new managemet for an idea as to what it would rent for.
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