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What’s happening in Townsville?
Townsville Vacancy Rate at an all time HIGH
Over the past 15 months in Townsville, both units and house have had a significant increase in vacancy rates with a combined overall increase of 5.6%. Click here for more information about the increasing trend of vacant properties in Townsville.
What Has Happened to Cause Such a High Vacancy Rate?
There are a range of things that have happened in the past 18 months that have all contributed to this vacancy rate increase. These are:
– Changes to the Army Rental Subsidy which has affected over 4000 + tenants
– More than 300 Units were released into the market
– Mining in Central and North Queensland has slowed down drastically
– Defence Housing release more than 150 ex DHA Homes back into the market
– New properties are being built and released into the market everyday
Will all of these things contributing to the Townsville Market, we’re now experiencing the highest vacancy rate we’ve had in the past 7 years.
How Will This Affect You As a Landlord?
Don’t Stress! This does not necessarily mean your property will be vacant for months on end but we need to make sure you’re prepared!
If your tenants vacate and we have to re-let your property, we will need to work quickly to adjust to the new market conditions. You may need to adjust the weekly rent to secure a new tenant in this market.
What Can You Do to Avoid Having a Long Vacancy?
Ensuring we have your property Promoted, Presented and Priced as well as we possibly can will result in a lower vacancy rate and a better tenant! Click here for more information about PPP.
Regular upgrades/refurbishments and pricing your property competitively will result in a new A grade tenant in the shortest period of time which means more money in your pocket!
For more information about the Townsville Rental Market or for what you can do get prepared, please call Elley or Clarissa on (07) 4724 1723.