Property Market Review 2018
Well here we are, only a few weeks until the big man in red comes down our chimneys (or through the flyscreens in true Aussie Christmas style) and we all get a chance to sit back, enjoy time with our family and reflect on the year that was…
2018 has brought a positivity to the rental market which we have missed in the very recent years. The REIWA vacancy rate is currently sitting at a healthy 3.9% (same time last year 6.3%) and we are generally seeing rents stabilising. It is still very much a tenant’s market as there is a lot of stock for them to choose from, but we have seen with the right pricing and the right marketing, properties are leasing. This is giving owners some confidence and we are feeling a buzz in the market place!
For The Property Exchange, 2018 has been one of our best years! In August we leased the most amount of property and achieved a vacancy rate of 1.8%, late October we hit ZERO tenants in arrears and manage the most properties we ever have. We’ve been working extremely hard and implementing thorough systems and procedures to ensure that our clients are getting the best service in the industry – the figures don’t lie!
Next year is sure to bring us some successes and challenges. It looks as though the vacancy rate is going to continue to improve and with talks of the mining industry picking up and possible immigration influx, we might just see the rents come up a little. New Tenancy laws will be passed for Family and Domestic Violence, changes to the RCD/Smoke Alarm legislation and no doubt, hype around properties being affected by meth contamination will continue to grow. Here at The Property Exchange we are ahead of the pack when it comes to training and being able to offer you advice on all these matters and to continue to maximise your return and minimise your risk!
On a personal note we saw two additions to the TPE family in November Siobhan had her little girl Isla and Brooke had her little boy Cooper! That is our third baby for 2018 – Niki is thinking of starting a crèche!
Please note that the office will be closed from 5.00pm Friday, 21 December and will reopen 8.30am Wednesday, 2 January – rest assured we will be following up with your tenants arrears, on call for urgent and emergency maintenance and completing end of month payments.
From our family to yours, we wish you a very fun, safe and relaxing Christmas and we look forward to seeing you in the New Year.