Melbourne school holidays are normally a quieter time, this does not by any standard mean people are not still out looking at property – either to buy or rent
Many people use school holidays to take time off, however like any other day, many people use this time to get out searching & inspecting,
Our opens for rentals this weekend were well visited, and the properties for sale we visited were all well attended. Private sales were still in full swing with many offers going down..
Auction numbers are usually lower, this is expected. So the property market does not go on holidays..
Births, Deaths, Marriages, divorces and financial strain do not wait until after the school holidays!!!!!
The REIV released the ABS data for rental vacancy changes of June this week as below.
The rental vacancy rate for June showed that there has been a tightening over the past 6 months.
The vacancy rate for Victoria was 2 per cent in June and has averaged 2.1 per cent over the first six months of the year compared to 2.6 per cent in the last six months of last year.
In Melbourne a vacancy rate of 1.8 per cent was recorded, down from 2.1 per cent in May.
Over the first six months of 2012 the average vacancy rate was 2.1 per cent compared to 2.8 per cent in the last six months of last year.
Within Melbourne the outer suburbs continued to have the lowest vacancy rate with 1 per cent recorded compared to 1.1 per cent in May.
In both the middle and inner suburbs the vacancy rate was 1.9 per cent.
If this trend continues there will be upwards pressure on rents after they stabilized in 2011.
In regional Victoria the vacancy rate eased from 1.8 to 2.7 per cent.
This is a significant shift and reflects increasing vacancy rates in Geelong, Bendigo and Mildura. (Source REIV)
These figures show that we still have a shortage of rental properties available in Melbourne.
As we look and as you look around, certain areas will have far more properties vacant than others, and some areas will have a lot of rubbish properties available.
Families are looking for that neat clean home, and singles and couples are looking for the low maintenance property, perhaps updated with off street parking close to shops and transport..
We all wish we could get the perfect tenant for our investment property, but sometimes this is not always the case.
Your property manager should do their best to vet all applications and forward information on to landlords with their opinions. Your property manager should also do regular inspections to ensure your property is being cared for.
If you would like an appraisal done on your property, or would like to get further information regarding our property management services, don’t hesitate to call or email .
Sam James.
JPP Property Management.
