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Tenants compete for rental properties in Toowong.

Tenants compete for rental properties in Toowong.

Property investors in Toowong are seeing a competitive rental market in the New Year, as tenants compete for the handful of properties that are available in this prominent area. Last week we held the first inspection of 32 Morley Street, Toowong which was available to rent at $800pw, and we were overwhelmed by the response from the market.

23 groups inspected the home which offered four bedrooms, a contemporary kitchen, entertaining deck and two bathrooms. Following such a considerable amount of interest, we received 9 applications for the home, with 3 of those offering above the advertised rent in an attempt to beat their competition.

The property was leased based on a combination of the terms of the rental agreement and tenant suitability, ensuring the best applicant was chosen for our property owners. Two lovely professional couples who are local to the area will move into the home at an agreed rent higher than the anticipated rental income.

Realestate.com.au currently shows only 7 other comparable properties available for rent and even after the property had been leased, enquiry for this house has continued to come through. Prospective tenants are eagerly seeking out 3-4 bedroom houses in Toowong between the $700-$900pw price bracket.

 

With many qualified tenants missing out on Morley Street, now could be an advantageous time to lease your property. We are currently offering a $100 Coles Myer gift card as a thank you for anyone who would like to refer a friend or family member to use our property management services. In addition to the $100 gift card you will receive, your friends and family will also get their first months management fee free!

Making a change is easy and our property management team are available any time for a confidential chat.

For full details or to refer a friend, click here.

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Byrony O'Neill

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