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What’s Happening in Townsville’s Rental Market?

Townsville Vacancy Rate Image

Townsville Vacancy Rate at an all time HIGH

Over the past 15 months in Townsville, both units and houses have had a significant increase in vacancy rates with a combined overall increase of 6.24% (approx. 23 days vacant)Click here for more information about the increasing trend of vacant properties in Townsville.

 

What’s Happening in Townsville?

 

Some of you may have already heard but if you haven’t, the statistics released on Townsville’s Economy in the last month have been anything but positive.

 

With the Townsville Bulletin releasing an article labeling Townsville as Australia’s jobless capital with our unemployment rate now sitting at over 12% and the Townsville Rental Vacancy Rates being the highest they have been in the last decade sitting at 6.24% (approx. 23 days vacant) overall, it’s not great news for investors!

 

How Will This Affect You As an Investor?

 

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 tenant vacates and we have to re-rent your property, we need to work quickly to adjust to the new market conditions. You will most likely need to reduce your weekly rent significantly to secure a new tenant in this market.

 

What Can You Do to Avoid Having a Long Vacancy?

 

If your property is up for rent, ensuring that your property is Promoted, Presented and Priced as well as it possibly can be will result in a lower vacancy rate and a better tenant! Click here for more information about Promotion, Presentation & Price. 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 than what the current statistics are telling you.

 

For more information about Townsville’s Rental Market or what you can do to get prepared, give Elley or Dominique a call on (07) 4724 1723.

 

What to do next?

1.  Subscribe to the Coral Sea Newsletter.

 

 

2. Discover how much your property should be renting for. Click to find out.

 

 

3. Switch to Coral Sea… You'll make more money. Send us an email.

Or Call us Now on 4724 1723

 

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