Chapter 1: What is the main topic discussed in this episode?
It's The Real Estate Podcast brought to you by Ray White, the largest real estate and property group in Australasia. And welcome to another episode of The Real Estate Podcast. And we're going to have a look at rental properties because it's a really big issue, particularly as people now sort of do so much of this interstate moving. And we're talking to Lauren Robinson from Rental Results.
Lauren, good to have you back on The Real Estate Podcast. Oh, thanks very much, Craig. Great to be here. Isn't that true? You know, COVID has made people start shifting around and none more so, really, than the amount of influx that Queensland has had.
Yeah, so we've seen a lot of people relocating from Sydney and Melbourne in particular over the last sort of six months and big increases in rents as well as, you know, obviously strong increases with the sale market. And you mentioned some of the increases in the rental returns. I think that there's been good returns in terms of the housing market.
Can you talk a little bit about units and apartments where perhaps there's been a little bit of a lag?
Chapter 2: What are the current trends in the rental property market?
So finally, I guess we've had probably for the last sort of three years or so, we've had sort of a fairly depressed market when it comes to increases in rents for our units and townhouses. And we're finally starting to see that market, that oversupply decreasing and those rents starting to increase, which has been great.
And we're seeing increases anywhere between sort of $20 a week up to $50 a week for the units. And obviously it varies per suburb, but it's definitely on the up, which has been very exciting.
And having a look at the property manager themselves, I think we should probably just reinforce what makes a great property manager because it is such a big deal when somebody buys an investment property and then they're handing that over for somebody to look after this asset. Oh, definitely.
I think all investors should really look at interviewing property managers before appointing an agent and not assume that they're all the same.
So I see that that's a mistake that we see probably first time investors make quite often in assuming that, you know, they should base a decision based on fees as opposed to the qualities of that property manager or also the qualities of that agency, which comes down to their systems, their processes, their resources.
And I guess when it comes to qualities to look for in a property manager, it really is important to have really great communication. So you want that property manager to be able to give you regular updates on your property from rental payments to maintenance issues, but also ways to increase your rental return. They should also be really proactive.
So if there's any minor details that relate to your investment, you need to be aware of those. And
making sure that they're on to maintenance and repairs, that they're really communicating with the tenants, that they're working with skilled and qualified tradespeople that are able to schedule repairs in a timely manner and that at the whole time that their property manager's following up on all of this too and making sure things are moving along.
It's also the property manager's expertise, so knowing the market,
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Chapter 3: How have recent relocations impacted rental prices?
How are they vetted? you know, and they've got all their insurances in place. And also if it comes to larger work, so it might be larger renovations or really anything over $1,000, you might want to ask for a couple of quotes to make sure you're getting the best solution. Lauren, great advice once again. And thank you so much for coming on to The Real Estate Podcast. Thanks for having me, Craig.
Appreciate it. We connect you to the best real estate information across Australia. The Real Estate Podcast. Thank you.