Property Management update
We head into 2023 on a wave of remarkable momentum. The rental market is booming. Our stock levels are at an all-time low. We’re leasing properties at close to a record-breaking rate – and achieving impressive results for our landlords. That’s the good news. The even better news? If you have a rental property, get in touch – because it’s an excellent time to be on the market.
Melbourne’s ongoing influx of travellers, workers and immigrants is driving an insatiable demand for rental property. And those properties that only a year ago were struggling, like the one- and two-bedroom apartments, have come roaring back.
With rental properties in short supply, renters are thinking of creative, standout ways to get their applications over the line. And many are prepared to meet – and sometimes surpass – the asking rent. For well-priced, well-presented properties, we’re receiving multiple offers – especially on those with desirable amenities, such as dishwashers, air conditioning units and parking spaces.
Renters are looking for newer, more modern properties. And, with plenty more sunny months ahead, renters are coveting outdoor spaces, like courtyards and balconies.
In Caulfield North and St Kilda East, two-bedroom apartments with courtyards are achieving outstanding rents. And, as always, properties in a desirable school zone are getting snapped up.
Malvern is on the rise, Bentleigh remains strong, and Murrumbeena – some of which is now in the highly sought-after McKinnon school zone – is attracting its fair share of suitors.
In compliance news, the deadline is the same: 29 March. You have until then to make sure your property’s switchboard, gas and heating – among other things – are up to date. Consumer Affairs already has inspectors out there, and vigilance levels are high. So don’t leave it any later – listen to your property manager, and let us help ensure your property makes the grade by April.
After two years of patient waiting, we’re starting to see the Victorian Civil and Administrative Tribunal (VCAT) hear a lot more compensation claims. Better still, there’s a lot of scope for mediation – to speak to and settle with the renter privately. Refreshingly, the most recent hearings have been cases from 2020 – which bodes well for reducing that pandemic-induced backlog of claims.
To sum up, it’s like the market has squeezed two years of growth into the last 365 days. People are more settled in life and employment than they were this time last year. And, with the school year kicking off, renters are already searching voraciously for the right property.
Meaning it’s a brilliant time to get your asset on the market.