first_imgJohn Gribbin Real Estate. 24/03/2014. Photo: Michael Chambers.HOMES that are well presented and fully airconditioned, in suburbs close to amenities, are succeeding in attracting tenants in Townsville’s weak rentals market.Vacancy rates in Townsville have improved and are sitting about 5 per cent, but according to the Real Estate Institute of Queensland, the city is still classified as a weak market.It compares to September last year when vacancy rates spiked at 7.1 per cent before starting to gradually decline,John Gribbin Realty principal John Gribbin said homes with a modern feel, in locations close to employment, were usually easy to rent out. “Houses that are generally speaking in good condition, in a good position close to amenities and close to a lot of work positions go very well but units are moving quite well at the moment as well. However, having said that, rental prices have reduced significantly,” he said.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“We find places like Annandale, Douglas and Idalia rent well and basically the suburbs that have houses that are presented well always move, but some of the peripheral areas are a little bit tougher.”Mr Gribbin said older properties often needed upgrading to make them attractive to prospective tenants. “People need to upgrade their properties in a lot of cases because they might have owned them for a long time and only done the bare essentials,” he said.“Sometimes the kitchens are quite old and it might be a matter of completely replacing the kitchen to bring everything up to standard. Floors, bathrooms and even little things like new taps can make a big difference. It just needs to look nice and fresh so that means if the curtains are all holey that’s not a good look.”Mr Gribbin said one issue in the rental market was Townsville’s economy had also affected landlords and many didn’t have the funds to upgrade their properties.“It can be a big expense and a lot of these owners aren’t exactly rolling in money,” he said. “A lot of landlords have had income drops as well.”Mr Gribbin said the rental market was starting to recover, but it would be a slow process.“There are definitely signs of improvement, but it’s not going to recover overnight,” he said. “We still need a lot of people to come back to Townsville because a lot of people actually left and that’s been part of the problem.”last_img

Leave a Reply

Your email address will not be published. Required fields are marked *