PROP­ERTY In­vestors’ hot spots re­vealed

Townsville Bulletin - - NEWS - LY­DIA KELLNER prop­erty ed­i­tor ly­dia. kellner@ news. com. au

DO you own an in­vest­ment prop­erty in Cosgrove, Horse­shoe Bay or Shaw?

If so, you’re in luck, the pop­u­lar sub­urbs hav­ing recorded a sig­nif­i­cant jump in weekly rental re­turns.

Core Logic fig­ures show the me­dian rent in Cosgrove rose by $ 69 a week, from $ 284 to $ 353, the high­est jump recorded for any Townsville sub­urb over the past year.

With 26.2 per cent of Cosgrove homes rented, Real Es­tate In­sti­tute of Queens­land zone chair Damien Keyes said in­vestors should take note.

“There’s been quite a fair bit of new hous­ing devel­op­ment in Cosgrove in the past 12 months, some of which were built as in­vest­ment prop­er­ties,” he said.

“And with so many rental prop­er­ties on the mar­ket, peo­ple are spoiled for choice and that’s where th­ese brand new homes be­come at­trac­tive.

“Peo­ple like the idea liv­ing in brand new homes and those ar­eas are quite bou­tique.” TOP PER­FORM­ING RENTAL SUB­URBS WORST PER­FORM­ING RENTAL SUB­URBS

Horse­shoe Bay on Mag­netic Is­land also a recorded a no­table jump in me­dian rent, from $ 285 to $ 335.

Shaw, which bor­ders on Cosgrove, recorded the third- high­est in­crease at $ 48, the me­dian rent jump­ing from $ 307 in 2016 to $ 355 this year.

Cas­tle Hill recorded the largest drop in me­dian rent over a 12- month pe­riod, $ 225 a week ($ 800 to $ 575).

Ray White Townsville prin­ci­pal Er­rol Munro said while the av­er­age sub­urb recorded a me­dian rental price drop of $ 30 to $ 80, it was a pos­i­tive sign some ar­eas were buck­ing the trend.

“I’ve al­ways be­lieved that there should be no dif­fer­ence be­tween sell­ing and rent­ing a prop­erty when it comes to set­ting the right price, mar­ket­ing the home well and mak­ing it easy for ten­ants to view the prop­erty,” he said.

“Pho­tos also need to be of top qual­ity and stag­ing is also some­thing that should be con­sid­ered as in en­sur­ing your prop­erty is clean, well pre­sented and low main­te­nance.

“That re­ally is the secret to get­ting top dol­lars for your prop­erty.”

If you’re look­ing to boost the price of your prop­erty but don’t want to take on a large ren­o­va­tion project, there are small scale im­prove­ments you can make.

News Corp real es­tate colum­nist and CEO of Your Em­pire Chris Gray said clean­ing and paint­ing in­side and out could make a world of dif­fer­ence.

“Like­wise, re­car­pet or pol­ish the floor­boards. A sim­ple re­car­pet­ing job can cost as lit­tle as $ 5000 while adding as much as $ 10,000 to $ 20,000 to a prop­erty’s value.

“Fi­nally, in­stead of adding a whole new kitchen, sim­ply change the kitchen cup­board doors and change old light fit­tings, switches and sock­ets. This can in­stantly lift an old room.”

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.