2017 is off to an intense start with strong attendance rates to most open for inspections, seasonally we see January / February as peak times within the Brisbane Property market but this year the demand for established houses especially are the strongest we have seen for a while.
Units and Apartments are unfortunately weak given the continued over supply that the market is experiencing; this has caused a ripple effect across the unit and apartment market affecting the returns of both new and old properties.
To give you an idea of the disparity between the demand for units and houses last weekend we averaged around 8-10 groups through per house, as opposed to 1-3 people through units and apartments. Townhouses sat in the middle with around 4-5 groups in attendance.
This start of the year rush is a seasonal occurrence that we see every year, driven by schooling catchments and the start of term one, as well as work transfers. In many ways this pent-up rental demand is also a man-made occurrence, given a large amount of 12 month fixed term leases come up for renewal around this time, it can displace tenants causing them to look elsewhere.
For Tenants, at this time we are suggesting that if they have a property of strong interest to draft up their application prior to attending the inspection, and if the property matches their criteria to place an application in on the day. This will give them a more competitive edge against others within the rental market and allow our team to start processing the applications promptly.
For Owners, this time of year also means holidays and often communication is difficult with property owners while on this holiday period. We suggest having a chat with your property manager if you’re planning any holidays that could take you out of phone range or away from email contact. Once an application has been processed it is critical for the property manager to obtain your confirmation and instructions in order to reduce the likeliness of the tenant finding another property.