And.. just like that the festive season is upon us!
2019 seems to have flashed past in the blink of an eye, a whirlwind of activity and overall consistency!
The vacancy rate has been fairly steady throughout the year, REIWA’s average was approximately 2.9% and then this month came down to 2.4%, while our office averaged 1.5% and remained below 2% for the year. Our team have been busy, leasing 24 properties in November with only 2 properties actually vacant at the end of the month, this was reflected in our median days on market for the September quarter by REIWA of just 23 days. We predict that beginning of December will be busy leasing the last few available and then prospective tenants will be focusing on the Christmas and New Year break.
On average we have seen about a 2% increase on rents throughout the year, which is equivalent over the year of about 1 weeks rent. Tenants are still looking for well presented, cared for properties, so it is vital to continually maintain your investment, firstly to keep your quality tenant in situ or if your property is vacant hopefully have a number of prospective tenants to choose from. A good tenant will treat the property as their own, continue to pay rent on time and communicate any maintenance issues that arise. Our thorough processes and procedures have ensured our ability to identify, manage and proactively mitigate any risk, all the while maintaining a happy relationship with both our owners and tenants. This is reflected in our 0% arrears for the majority of the year – this is very impressive considering management of over 400 rental properties!
We’d like to thank you for trusting our advice and believing in our systems and procedure, because together, we’ve been able to survive one of the toughest rental markets Perth has seen and make it through to the other side.
From all of us at The Property Exchange, we wish you a very Merry Christmas, a prosperous and safe New Year, here’s to 2020!