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Totally different situation IMO, the slow down in the mining Industry has affected Rocky but its no where near as exposed as it is much more diverse. I was recently advised to lower rents slightly to ensure a new tenant quickly due to a increase in vacancies. One place we dropped the rent by $10 per week and another by $15, one was re tenanted in 2 weeks and the other 3 weeks.Does anyone know whether the situation in Rockhampton is similar? I have a property there which I decided to offload (at a loss) but no takers so far and if I can't sell it I'll have to spend some money to fix it before I could re-let (to a dodgy tenant at reduced rent...)
Just not sure if there's any point holding it any longer as personally I'm not seeing any chances of improvement in the next few years - thoughts?
Does anyone know whether the situation in Rockhampton is similar? I have a property there which I decided to offload (at a loss) but no takers so far and if I can't sell it I'll have to spend some money to fix it before I could re-let (to a dodgy tenant at reduced rent...)
Just not sure if there's any point holding it any longer as personally I'm not seeing any chances of improvement in the next few years - thoughts?
Had some fence damage at one property and some minor damage to some external panels at another. I was there a few weeks ago and saw a few tarps over roofs on some very old houses but that was itRocky is different to Gladstone the main thing would be retail, pretty much everyone in Gladstone does a regular trip to rocky for the shops. Also other supplies and equipment for business comes from rocky.
Were you guys affected by the cyclone? Any damage? are people packing up and leaving dueto the cyclone?
I'll have to check out yeppoon and surrounds, they were hit hard, could be some bargain potential for local renovators or to buy and sit on
Were they damagaed by the tenants? I would look at changing PM, SMQreseach has the vacancy rate for 4701 and 4700 at 3.8% not great but hardly a disaster. The advice I have received is which could be wrong is that the rental market has improved slightly. I should probably stop commenting about Rocky in a Gladstone thread.My properties luckily came through the cyclone unscathed. But they both became vacant around the same time (before the cyclone) and it's been a little difficult finding decent tenants given the state they were left in.
My property manager keeps saying the rental market is bad and not really improving. If I could see good growth in the near future I'd keep it, but at this point it seems better to just let it go even at a loss. While not reliant on mining, Rocky is still affected by the downturn and it looks like it might be a while before things turn around, (if ever) given what's happening to the coal industry in general. A crystal ball would be nice!
Daniel who is your PM? My house was vacant for 6 months! Insurance took some time to come through, then Christmas so some of this delay I can understand. And the only applicants were ones on the dole - which doesn't always mean bad things but in my case they were all dodgy.
It's probably the area though, Berserker and Park Avenue.
Daniel who is your PM? My house was vacant for 6 months! Insurance took some time to come through, then Christmas so some of this delay I can understand. And the only applicants were ones on the dole - which doesn't always mean bad things but in my case they were all dodgy.
It's probably the area though, Berserker and Park Avenue.