Promising signs for high end rental properties
With Queensland’s borders slowly reopening, there has been promising signs for rental properties at the higher end of the market.
Throughout Brisbane’s inner-western suburbs we have experienced an increase in demand from several key demographics that typically drive the luxury rental market.
Tenants who are relocating from interstate are searching for rental properties in Brisbane, despite Queensland maintaining its border restrictions with Greater Sydney and Victoria.
Interestingly, many of these tenants are now moving back to Brisbane after relocating to Sydney or Melbourne for work earlier this year.
Tenants feel it is only a matter of time before the borders fully reopen and they are taking this opportunity to find a rental property for their family in advance.
Tenants who are interstate, are asking friends or relatives to inspect homes on their behalf, or they are booking virtual inspections with our team.
Our Property Management Director Cheryl says there is also an increase in demand from local families, “In the past few weeks, I have spoken with a lot of people who have taken advantage of strong market conditions and sold substantial homes in the area.”
“These families want to maintain a certain level of lifestyle, so they are searching for high end rentals in similar areas to where they have just sold.”
Notable examples of these trends are 47 and 49 Outlook Crescent, Bardon. These brand-new homes were developed by a local couple and attracted a substantial amount of interest from local and interstate tenants.
Both homes were leased in less than 7 days and at a rental value of $1,200 each per week. Of the 6 families who applied, 2 had recently sold in the area, 3 were relocating from interstate and 1 was building in the area.
In a similar situation, Cheryl also leased 21 Hobbs Street, Auchenflower for $1,700 per week.
“I had been in contact with a prospective tenant who I knew was thinking of relocating his family from Hong Kong to Brisbane this coming January. He was looking for something grand and when Hobbs Street became available, I knew it was right for them.”
As predicted, the home was perfect for these tenants. They applied right away knowing there were several other families interested in the property.
Cheryl says, “Even though they wouldn’t be arriving until January, they were prepared to lease the home from November to give them peace of mind.”
Presently, a lack of quality homes available for rent between $800 to $1,200 per week is creating competition among prospective tenants. Between Auchenflower and Indooroopilly there are just 4 houses of this calibre currently available for rent.
We are seeing tenants who are prepared to offer 3 or 6 months rent in advance and in some cases even higher rent, in order to secure a suitable property.
Can we help you lease your property?
Our vacancy rate is less than 1% and it took us just 7 days to lease each of these properties. We would love to help you achieve a similar result.
Call Byrony anytime on 0412 132 480 or contact us below.