Cowboys’ home snapped up in record time amid post-flood rental squeeze

Cowboys’ home snapped up in record time amid post-flood rental squeeze

State of Origin star and North QLD Cowboys player Gavin Cooper is among landlords finding tenants in record time after floodwaters wreaked havoc in Townsville.

Cooper’s ex-display home investment was yesterday (Monday) snapped up in Burdell, just a fortnight after it was first listed.

This as experts predict Townsville’s vacancy rate will be squeezed for an indefinite period in the aftermath of the floods — a situation which generally triggers rents to rise.

The Real Estate Institute of Queensland’s latest data, out yesterday, showed the city had been tracking a 4.3 per cent vacancy rate in the December quarter before the floodwaters swamped the residential and commercial sectors.

“In January this market suffered devastating floods and this will impact the rental sector for some time to come,” the REIQ report said.

“With an unknown proportion of the rental market impacted by the floods, and the number of displaced people needing immediate short-term accommodation also unknown, it’s difficult to measure the impact of this event on the market.”

For landlords like Cooper it could be a windfall, but the Cowboys player instead cut the rent he wanted by $10 a week.

Cooper listed the property at $400 a week, which was a $10 discount on 2016’s rental listing — a significant move considering vacancy rates were very high that year, topping 7.1 per cent.

The star player bought his four bedroom, two bathroom, two car garage ex-display home off Stockland for $160,000 seven years ago.

It’s one of the few that comes with its own playground and a golf putting green, plus the affable player was also willing to consider allowing pets on site too.

Cooper also owns a five bedroom home in Idalia which was where he set about helping residents inundated by floodwaters with other Cowboys mates in January.

Townsville vacancy rates (pre-flood):

December 18 quarter 4.3%

Sept quarter 3.9%

Jun. quarter 4%

Mar 18 quarter 3.8%

(Source: CoreLogic)

FOLLOW SOPHIE FOSTER ON TWITTER

Source link