I am about to finish construction on my IP in Roma QLD in month’s time. I need recommendation for Property management who is proactive get property rented, communicate well and who know what they are talking. Please let me know about rental market in Roma if someone lives there.
JJ10Hi JJ10,
I have a IP in Roma and I use MAA livestock& Property. My Agent is Joanne Logan. She is great and has done a great job getting me tenants considering the market up there. How long has it taken to complete construction of the property? Mine took around 1 year and in that time the market up there has changed dramatically. Did someone suggest you buy up there or was that your choice? If your like me, it was a suburb recommended by so called experts. Dont know if you are aware but there are currently around 400 homes for sale and 200 homes for rent in Roma, a town of around 8000 people. Competition for tenants is fierce. I am going to take a guess and say you are building a 4×2. Currently there are dozens of listing for 4×2 homes all advertising “price reduced”. The average asking rent is around 380-390 pw. A far cry from the 450-480+ people were getting less than 12 months ago.
The problem with Roma is that is was booming 2 years ago due to the all the gas wells being drilled for the gladstone gas plants and the fact the town was still recovering from the big floods in QLD 2010-2011. There was a huge shortage of rentals. Then all the developers started moving in and started building houses. The town recovered from the floods and and then the gas line construction and well drilling began to slow down but the developers were going full steam ahead. Some of which are still going now, so basically there is now an over supply.
I dont have any crystal ball and hopefully you know something that I do not, but as far as Im concerned the ship has sailed in Roma. A lot of these experts recommending roma as a hot spot or advertising positive cashflow with big yeilds have a lot to answer for. Dont get me wrong its not another Moranbah, the town is not going to die. They have other industries there, mostly Beef. It is actually considered the beef capital of Australia but the big rental yields are gone and I think it is going to be some time before the town sees any real capital growth because of the growth it has experienced over the last few years.
As I mentioned at the beginning I use Joanne Logan at MAA live stock and property. She did a great job of finding me some tenants without having to reduce the price too much. I highly recommend her.
Let me know if you want to know anything more.
Thanks Corie,
My property has taken more than 1 year due to previous builder who lost building licence suspended and got fixed by QBCC by another builder now. It is just one month away to finish up the work. I am keeping my eyes on rental market on real estate website and am worried to get tenants as early as possible considering the market there as you have mentioned. I am like you with getting in Roma real estate following ” so called experts”. You are spot on with your guess as I have 4X3X2.
Thank you for your comments and recommendation as I am going to contact Joanne Logan at MAA live stock and property for getting tenants.
JJ10
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