Improvement to Perth’s Rental Market
Everyone is feeling the cold here in Perth, but not us ladies in the TPE rental department, the rental market is warming up and keeping us toasty! We know, we have been spruiking it all year, but REIWA definitely has our backs on this one, with their latest market update release… feel free to read all about it here.
Being the experts in Property Management doesn’t just happen, we need to be constantly educating ourselves in all aspect of the job and be open to evolving. Realestate.com.au hosted a Rent Master Class, which focused on preparing for the future of real estate. Some really interesting stats they shared with us around marketing your investment and the modern day tenant:
- 1 in 3 Australian’s are renters
- 63% of potential tenants don’t look past the first page on realestate.com.au
- 1 in 5 tenants will make contact with the agent within 2 days of viewing a listing online
- When it comes to shortlisting property for OFI, 95% of tenant bases it on the amount of photos, 92% base it on the quality of the description and 78% on the quality of photos
There was a real focus on making the whole process easier and quicker for tenants.
I personally took a lot away from this session and believe that a real change is happening in the market with regards to the experience consumers are expecting. I think it is really important to understand that this is exciting and adapting isn’t as daunting as we think! I’d love to chat with you about what this means for you as an investor, so please do contact me.
One last thing before I go – chatting with my accountant recently over coffee at The Little Pantry (if you are local, do check them out!). I took the opportunity to pick his brain and see if there was anything I could bring back to you, our valued investor clients, that may be of interest… something I thought you may not know about is the PAYG withholding variation. He explained it to me like this “If you have a negatively geared rental property and regularly receive a large tax refund, you can vary the amount of PAYG that is deducted from your wages/salary. This will increase your take home pay throughout the year as a replacement for receiving a lump sum when completing your Tax Return. In essence, it allows you to access your tax refund in advance! For many of our clients this provides crucial cash flow assistance to manage their everyday expenses.
In a time where banks are moving from interest only to interest and principle loan repayments this is something that maybe of interest to you so you can free up some cash flow! Be sure to chat with your accountant!