rental lengths
Jun 11th 2007, 9:01 am
#1
Forum Regular
Thread Starter
Joined: May 2006
Posts: 198
rental lengths
Hi
we are off to Melbourne in October - was looking at getting a rental to start with and then buying something (hopefully when the exchange rates recover - but thats another story!). what is the normal length of agreement - 6m or 12m and do they normally have break clauses in?
cheers
we are off to Melbourne in October - was looking at getting a rental to start with and then buying something (hopefully when the exchange rates recover - but thats another story!). what is the normal length of agreement - 6m or 12m and do they normally have break clauses in?
cheers
Jun 11th 2007, 10:40 am
#2
no longer searching
Joined: Sep 2002
Posts: 2,030
Re: rental lengths
To give you an idea on times (I'm in Sydney)
6mth or 12 - depends how tight the rental market is. Landlords maybe more willing to accept 12mths.
Normally if a house is going to auction it is on the market around 4 or 5weeks before the auction date and settlement is usually 5 wks after the auction (which would cover the 4wks notice on the rental (in our contract anyway), after the min period).
The market is dead from Xmas to mid-late Jan REA like to take extra time off after Xmas/NY presumably to spend all that money they made in the previous year! Then there is a flurry of activety as new properties come to the market & the REA relaunch properties that have not shifted the previous year.
Given that Feb (& peak of property cycle) is 6mths after your arrival it maybe worth pushing for a 6mth contract if you can. I would also get to open houses & auctions ASAP to get a feel on availablity/price/area etc This is what it is like from my experience in Sydney, so better check if any differences in Melbourne
6mth or 12 - depends how tight the rental market is. Landlords maybe more willing to accept 12mths.
Normally if a house is going to auction it is on the market around 4 or 5weeks before the auction date and settlement is usually 5 wks after the auction (which would cover the 4wks notice on the rental (in our contract anyway), after the min period).
The market is dead from Xmas to mid-late Jan REA like to take extra time off after Xmas/NY presumably to spend all that money they made in the previous year! Then there is a flurry of activety as new properties come to the market & the REA relaunch properties that have not shifted the previous year.
Given that Feb (& peak of property cycle) is 6mths after your arrival it maybe worth pushing for a 6mth contract if you can. I would also get to open houses & auctions ASAP to get a feel on availablity/price/area etc This is what it is like from my experience in Sydney, so better check if any differences in Melbourne
Jun 11th 2007, 10:42 am
#3
BE Forum Addict
Joined: Feb 2006
Location: Riddells Crk, Vic
Posts: 1,565
Re: rental lengths
Hi
we are off to Melbourne in October - was looking at getting a rental to start with and then buying something (hopefully when the exchange rates recover - but thats another story!). what is the normal length of agreement - 6m or 12m and do they normally have break clauses in?
cheers
we are off to Melbourne in October - was looking at getting a rental to start with and then buying something (hopefully when the exchange rates recover - but thats another story!). what is the normal length of agreement - 6m or 12m and do they normally have break clauses in?
cheers
