2020 RENTAL MARKET ROUND UP
Wow .. what a year 2020 has been .. not a particularly pleasant one .. so I am glad to see 2021 arrive. From a strong start in 2020 to a handbrake halt when COVID19 arrived.. to working through legislation, allowing our group voice to be heard on proposed changes, pushing through the morotorium on no evictions for tenants covid affected and who can not pay rent .. to aiming to be corona virus free and now the present falsely inflated, covid affected, extreme shortage market, possibly the worst I have ever witnessed in 32 years. As I sit on Boxing Day, taking time out from my family to try to answer 272 enquiries on one vacant property .. that would just about sum it up .. 271 people are going to miss out .. the Coast is in severe hardship mode with lack of accommodation for the local residents and for those moving to the Coast. The COVID19 situation has people flocking to the Coast in record numbers, financially cashed up ready to buy or rent, creating an abundance of potential tenants / purchasers which we simply do not have the capacity to process. Whilst on the surface, this may seem wonderful news to investors and sellers wanting to increase the price of their property to take advantage of the market, however .. I strongly suggest to take a moment to look at the entire picture .. if incomes have not increased for the average Sunshine Coast resident .. no increase in salary / wages then how are they expected to pay falsely inflated rents which do not reflect the true value of the property .. only the value based on a covid affected demand. What happens in March when job seeker and job keeper are reviewed or if corona virus strikes the Coast again and those increased rents are no longer achievable, tenants can not pay the rent and new tenants refuse to pay the higher prices .. There is much confusion and lack of education within the property management field in relation to values and what exactly is going on .. for example, on realestate.com.au today .... One large brand real estate office is advertising a 3 bedroom apartment in a complex, double garage and 2 bathrooms at $450.00 per week rent .. totally oblivious to the market and under priced. Another large brand real estate office is advertising in the same complex a 2 bedroom 2 bathroom single lock up garage apartment for $550.00 per week .. totally without understanding of the inflated values and over priced ... not sustainable over a long term period. My thoughts... demand a value that is fair, positive and meets your needs as the investor. I have advertised a property in the same complex today .. a 2 bedroom, 2 bathroom at $500.00 per week which I feel is a fair value for the property itself not based on confusion or panic. You may or may not agree with me .. and at the end of the day I am here to work for you .. but I always share my passion on the industry and my thoughts ... I am sure this covid bubble will soon burst and our market will settle back to where it should be .. but for now ... it is certainly interesting times.. Stay safe, enjoy laughter, family, friends and a few days to put your feet up ! Happy & Prosperity wishes to you for 2021 !
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