Essential Tips for Successful Property Investment on the Gold Coast

Owning a rental property can be lucrative, providing a steady income stream and valuable assets. The Gold Coast, in particular, has seen a surge in interstate migration post-pandemic, resulting in increased rental demand and favourable yields for landlords. Nationally, according to CoreLogic, rental prices have risen by 11.8 per cent between March 2020 and February 2022.

Before entering the rental market, ensuring your property meets minimum compliance requirements is crucial. Here are key tips to kickstart your property investment journey:

1. Landlord Insurance

Investing in landlord insurance is a smart move to safeguard your property. This policy protects against unforeseen events like theft, storm damage, or rental payment defaults. Your Property Team recommends securing this coverage for peace of mind; the associated costs are tax-deductible.

2. Smoke Alarms

With the introduction of 2022 legislation, landlords must ensure smoke alarms are installed according to regulations. Placement includes every bedroom, between bedroom exits, and in living areas on every property level.

3. Pool Safety

If your property boasts a pool, obtaining a pool safety certificate from a licensed inspector is mandatory. Non-compliance issues can be addressed with advice on necessary corrective measures.

4. Bond Clean

Prepare your property for new tenants with a thorough bond clean. This involves cleaning all areas, from shelves and cupboards to windows, fans, ovens, and air conditioning units. For furnished properties, steam cleaning beds and providing new mattress protectors is advisable. Keep a comprehensive receipt for tenant reference.

5. Minimum Housing Standards

Understanding and meeting minimum housing standards is crucial for a property to enter the rental pool in Queensland. This includes ensuring locks on all doors and windows, a weatherproof and structurally sound building, window coverings for privacy, adequate plumbing and drainage, and functioning essential appliances.

6. Gas and Electricity Compliance

For properties with gas installations or appliances, obtaining a gas compliance certificate or safety inspection report is necessary. Additionally, all properties must have regularly tested electrical safety switches fitted to powerpoint circuits.

Ready to start a conversation about leasing your property asset? Contact Your Property Team’s dedicated Property Management and Leasing division. We’re here to answer your questions and guide you through a successful and profitable leasing experience.