PM'S WORKING HARD AFTER THE FLOODS article courtesy of LJ Gilland Real Estate Pty Ltd as at 8th Feb 2013

Property managers across Queensland are cleaning up what can only be explained as a “war zone”, according to one Bundaberg principal.

Heather Gelley, principal of First National McColms in Bundaberg, said she could have never expected to see anything like the destruction of the Australia Day weekend floods.


“I am the third generation owner of the business and in our 76 years we have never seen anything like this,” she told Residential Property Manager.


“It’s like a war zone, houses are under water, and bomb craters are in the street.”


According to Ms Gelley, the town was hit with severe winds that blew off the roofs of houses and then was drowned by the worst floods the area has ever seen.


With over 500 properties under management Ms Gelley said she has at least 20 homes completely underwater or swept away.


“We are working with tenants to get them alternate accommodation,” she said.


“Our main focus in the tenants.

“A disaster like this really brings out the best and worst in people,” she continued.

“We’ve had landlords who are working side by side with their tenants to save their homes and belongings and then we have had some landlords who show absolutely no compassion.


“It has been really hard for everyone.”


Ms Gelley’s staff was not spared in the flood disaster either. First National McColms normally has six property managers, however only two have been able to work since the floods as the others are isolated and one property manager has lost their own home.


According to Ms Gelly the office did not have a flood disaster plan, and since the floods has relied on the help of colleagues from across the state.


“We have a disaster plan for the office but not a flood plan,” she said.

“We have tried to contact 1,000 clients since the floods - we are just trying our best.


“My colleagues across Queensland have been marvelous, they have kept our website updated with information and fact sheets.”

According to Real Estate Institute of Queensland (REIQ) president Anton Kardash, preparation is the key to dealing with a disaster.

“There was a lot of preparation and warning going into these floods especially in Brisbane, people knew what to expect from the 2011 floods,” told Residential Property Manager.


“The outer areas, however, were hit hard and property managers are working tirelessly to help landlords and tenants across the state.”

 Removal of FHB grant spurs Qld Rental Market:-

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The removal of the first home owners grant has driven potential purchasers back to the rental market, according to the Real Estate Institute of Queensland (REIQ).


Results from the REIQ December vacancy rate survey found that the rental market remained tight during what is historically a period of flat consumer demand for rentals.


REIQ CEO Anton Kardash said Queensland’s rental market had been a story of more demand than supply throughout 2012.


“As the year progressed, it became apparent that the continued robust demand for rental properties was not going to ease anytime soon,” he said.

“While sales in the property market did begin to improve in the second half of last year, the removal of the First Home Owners Grant in mid-October resulted in a large number of would-be home buyers remaining in the rental market at the tail-end of last year.”


According to the latest Australia Bureau of Statistics (ABS) housing finance figures, the number of Queensland first home buyers slumped 33 per cent between October and November last year.

At two per cent, the REIQ figures showed that Brisbane’s vacancy rate remained well under the level of a balanced rental market at the end of December.

“Every major region across Queensland, apart from the Fraser Coast and Mackay, had a vacancy rate of less than three per cent at the end of December. A rate of three per cent generally represents a neutral rental market,” Mr Kardash said.

“And for the second consecutive period, Toowoomba posted the tightest rental market, at one per cent, of all major regions across the state.


“According to property managers from REIQ accredited agencies in the Toowoomba region, the consistently strong demand for rental properties from tenants in the area has been driving an increase in investor activity."

REIQ estimates of investor activity from the latest ABS data, found more than 4,250 dwellings were financed to investors across Queensland in November last year - up 14.6 per cent on the previous month.


The vacancy rate on the Sunshine Coast eased to 1.7 per cent at the end of December, down from 2.5 per cent three months before.

According to the REIQ, there was the usual additional demand from new residents during the summer months which had impacted vacancy rates in the region.


On the Gold Coast, the vacancy rate reduced to 2.7 per cent at the end of December – the lowest recorded by the REIQ for the region for more than five years.

Local agents said the region’s tourism sector had improved as had demand for rental properties before Christmas.

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For your perusal and information with best regards for the New Year 2013.

Blog: Linda
Post: RP Data Rental Market Analysis
Link: http://ljgilland.blogspot.com/2013/01/rp-data-rental-market-analysis.html

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