Karen Stehr Property - Sunshine Coast's leading property manager.
As a Property Manager of 30 years, the market should actually not surprise me anymore but, this April 2019 it certainly has. The traditional market that we are all used to and know so well is feeling the effect of an uncertain time... the elections, holidays, the proposed changes to taxes and an overall soft market has brought the rental market almost to a grinding halt.
March usually sees the buoyant summer rental market slow a little and gradually come to very slow dance in June and July. August sees the market wake up and by September we are shaking off the winter quiet and getting ready for the core industry workers to gain their contracts in October / November and demand spikes for rental accommodation.
This year unfortunately we didn't feel the slow-down in March but instead, a hard slap of STOP in April. Property which would always walk out the door in a heartbeat is sitting empty for over two weeks which is quite unheard of.
Popular rental accommodation, the normally sought after 4 bedroom home, 2.5 bathrooms, double lock up garage, 2 living areas in Birtinya, the medical precinct can easily attract anywhere from $540.00 to $620.00 rent per week depending on the market at the time. However, over the past few weeks I have been marketing such a property starting at $540.00 with no interest - open homes mid week and on Saturday with no interest, then reducing to $520.00 still with no interest, then finally just today, reducing to $500.00 per week in an effort to secure a quality tenant as quickly as possible. I had 17 groups through the property and 5 applications. Potential tenants are certainly driving the decisions at present with most people tightening their belt to what they feel comfortable paying.
There is no point having a property sit at a value too high for the market even if we feel it is worth the money, ultimately the market decides. The best strategy is always to communicate. Communicate with potential tenants, potential buyers, investors so that everyone is aware of a moving market and we can adapt accordingly to ensure investment properties are receiving a maximised return. Offering to show people through property as often as possible - day / night / weekends. It is hard work but the dedication to the task to ensure rental properties are leased as efficiently as possible in a soft market is my commitment.
If you would like to discuss your investment property or are a tenant seeking a rental property, then don't hesitate to contact me, you will find in this market, the property managers that go the extra mile will make all the difference, for landlords and tenants alike.
I look forward to hearing from you,
M: 0417 618 480