Hello and welcome to our latest Quarterly Rent Roll Market Report highlighting some key Rent Roll data for the July – September Quarter in 2023.
In the last quarter, Real Estate Dynamics Rent Roll Results at a glance included:
- 41 new Rent Rolls launched to market;
- 511 new Buyer enquiries were qualified;
- 108 Rent Roll Appraisals completed;
- 154 formal offers to purchase were received, 44 contracts were signed (3.5 offers to a successful purchase); and
- 37 settlements occurred with the successful transfer of 4964 rental properties worth just shy of $19.4 million.
As we move down the East Coast, Queensland has a high appetite for Buyers, but we are finding the extreme heat from Buyers is cooling ever so slightly. Queensland is maintaining strong prices with a record sale of six parcels in one day to the same Buyer on the beautiful Sunshine Coast. The Gold Coast and Townsville also remain two very hot areas for Rent Roll sales.
New South Wales is still running hot with multiple offers, and one sale occurred at full price within one week in the Hunter Valley region due to limited stock available in that marketplace. This area, in particular, has been in very high demand now for two years running.
As we launch into the ACT, we are seeing a strong appetite for Buyers and Sellers who are curious about the value of their Rent Roll Assets. Some Owners are preparing to sell, whilst others are just curious about their current value and the appetite of Buyers.
In Victoria, much like Queensland, the extreme heat has cooled ever so slightly from Buyers; however, it is still considered a hot market with high demand. The highest recorded sale in Victoria this past quarter was $3.68 times for an inner city Melbourne Rent Roll, which gained the attention of many Buyers.
Tasmania remains tightly held; however, many Rent Roll business Owners are seeking an updated value or appraisal on their Rent Roll Assets.
The most common recommendations from our Brokerage Team for future Sellers include:
- Speak to a Broker early;
- Be careful who you tell that you are thinking of selling – confidentiality maintains higher prices, and it is more important than ever; and
- Perform your own due diligence before a Buyer does so you can remove any discomfort.
The most common recommendations for Buyers include:
- Be finance-ready. Get your financial ‘ducks’ lined up with your lending institution in advance to avoid missing out;
- Understand your overall growth strategy and how acquisition fits into this plan; and
- Get advice from a specialist solicitor who knows Rent Roll transactions.
We hope you have found this update helpful and if you have any questions about selling or buying a Rent Roll that Australia’s largest Brokerage Team can answer, please fill out the form below and we’d be delighted to help you.