Rents need to rise before investors return to town
AN INVESTOR is desperately hoping Gladstone rents increase before she is forced to sell her home in Sydney.
Nina Danko and her family bought two blocks of land side by side three years ago using superannuation with plans to build units.
It took a year for the development application to be approved.
In that time rents have plummeted and she is barely staying afloat.
Her most recent tenants were paying $400 a week for the Gladstone central homes, but now the properties are empty even after dropping the price to $250.
With an oversupply of housing there is no chance the block will be developed anytime soon.
"We're struggling to make the mortgage repayments," Ms Danko said.
"We're trying to hold the land in the hopes the situation will improve.
"But rentals have dropped so much we can't develop because it just doesn't justify the cost."