According to the Courier Mail, many Brisbane suburbs are experiencing a surplus of new developments and unit blocks popping up. Basic economic principles of supply and demand tell us that this a surplus in stock equals a fall in price. This is exactly what is happening now. A surplus of supply is resulting in a fall in housing prices and tenants are being spoilt for choice.
At times where tenants have the opportunity to be picky, it’s important that you carefully consider the price you put on your rental property. Too high and your property will be vacant for too long; too low and you’re missing out on returns. Of course, as a property owner, you want minimal vacancies and maximum rental returns.
Our Rentals Team at Red & Co have experience and knowledge of the local market in Brisbane and are able to perform comparative market analyses to help determine the ideal rental price on your property.
There are a number of strategies employed in a comparative market analysis which enable us to expertly and appropriately price our clients’ properties. This analysis considers property features, nearby schools and educational facilities, nearly properties recently sold, nearby properties for sale, suburb median growth and suburb median rent.
At Red & Co, we believe in investing time to market your property correctly. We always endeavour to analyse properties as accurately as possible, as pricing your property correctly is so important. This way, you will attract a quality and suitable tenant, minimise your vacancies, maximise your returns and minimise your losses.
Contact one of our experienced property managers by calling 1300 88 73 28.