No doubt many of you would have read the cover story in the Sunshine Coast Daily, or saw the story on Win TV last week, about the high demand for rental properties on the Sunshine Coast.
Whilst it appears to be worrying news for prospective tenants, there are also positives, as it reflects increased activity in the property market.
Firstly, traditionally the rental market picks up prior to the sales market, so this can be taken as a strong sign that the sales sector will start to experience higher demand in 2013, good news for sellers!
Secondly, for prospective investors out there in the market place, the news of low vacancy rates and high demand is extremely welcome as it creates a more ‘risk free’ transaction.
With interest rates low, and a possibility of further rate cuts this year, it really is an opportune time for many tenants to consider purchasing a property whilst affordability is at a record high. Whilst many people chose to rent for a year or so prior to buying, the danger is that during this time the market could start to accelerate and therefore affordability decreases. Buyers have started flooding back into the market as the reality is dawning that we are on the cusp of change. We have already seen the evidence of this, in the first 2 weeks since 1 January we have had 7 contracts.
For those still seeking suitable rental accommodation it is highly recommended that you ensure you have all your paperwork completed prior to submitting an application, so as not to delay your application. It is also important to be flexible in your expectations, if there is nothing available in your desired location, it may mean living in a different suburb for a period of time.
On a sombre note, our thoughts and prayers go out to the families who are experiencing loss and hard ship as a result of the bushfires. We are all looking forward to some cooler weather to relieve the danger in these areas
Amber 🙂