Median Weekly Rents up in Toowoomba

Tegan DeClark

According to the Rental Tenancy Authority (RTA), median rents for 3 bedroom units in Toowoomba are up $25 per week, as calculated for the period between 3rd Qtr 2011 – 3rd Qtr 2012 based on bonds received.  The increase from $275 to $300 per week is quite substantial says Tegan DeClark from Ray White Toowoomba.  “If you have had a tenant in place for 12 months or longer and are not having rent reviews when the lease is due for renewal, you may not have your rental income at market value”   4 bedroom homes in the same region went up $20, from $350 to $370 per week.  3 bedroom homes saw a rise of $15 to a median of $290 per week.

If you are selling your property and there is a tenant in place, a few dollars more a week could make the difference how quickly your property is sold and for what price, if the purchasers are choosing your place as an investment.   “Do the calculations to find out what the yield would be for potential buyers, if you are marketing it with a tenant in place.  Buyers are demanding a good yield and asking for current rental appraisals when they enquire about properties, so make sure your agent can organise an accurate rental appraisal for the sale process regardless of if it’s currently tenanted or not” 

With the rental market tightening, we are also seeing a demand for the higher end market, with homes which are tipping over $400 per week have very low vacancy rates.   To check if you are receiving current market rent, the steps are easy, says Mrs DeClark “It’s worth the call to make sure you are getting the most out of your investment and if selling, ensure you get the best price”