So, I own a house in Townville, well above the flood zone, and I'm currently renting it out while working overseas and I'm looking for advice/ideas on what I can do with the property during this surprising boom time.
I bought the property, a very cute 3 bedroom house on a smallish corner block (~600m2) for 260K a few years ago in the suburb of Kirwan and it's only attracting a piddly 290 per week in rent.
However, now I'm hearing from friends living in Townsville that their Airbnb properties are being booked out for thousands of $ for only a few weeks at a time from people working on the stadium or tradies looking to get in on the recovery insurance rebuild.
I'm looking for advice on what my best options are. In a perfect scenario, I'd like to kick the renters out and take advantage of the boom by either getting a significantly higher price locked in, or move it across to Airbnb. My problem is that the current rental agreement is until August this year. So is my best bet to look at raising the price significantly? my understanding is that I must give 2 months notice. Basically, I can push for a significant upgrade in price as it's the market value and if they were to leave then that would also be a win as it still opens me up to the boom market. In the meantime, I'm also thinking of putting it on the market to see if I get any bites at a higher figure....but wondering if I should only do so after the increase in rent takes effect so as to look better on paper?
