14th April 2022 / Adrian Lieschke: MARCH RENTAL MARKET UPDATE

In the passing month, a total of 83 properties were leased during the period 1/03/22 to 31/03/22 by our Property Management team. We are seeing a steady flow of new rentals continuing to hit the market with a solid increase on the volume or rentals leasing in Melbourne's outer east. As such vacancy rates are now on the steady decline and renter demand continues to remain strong resulting in the most favourable market conditions for rental providers, the strongest we have seen since the start of 2020.

Statistical Summary

Property Enquiries: 3352

Inspections: 469

Physical Inspections: 1,541

Applications Received: 337

Total Properties Leased: 83

New Business:

26 New Managements were leased at an average rent of $551 for the month of February.

Vacancy Rates:

Unlike 2020 where vacancy rates were on the steady increase after lockdowns ceased in September & October 2020, in the last quarter of 2021 and at the start of 2022 we have seen residential vacancy rates stabilise and now further decrease currently sitting at 1.9% for March 2022, with 12,400 vacancies within the Melbourne Metro Area, a decent decrease of 2,377 less vacancies from 14,777 vacancies in February 2022. We have seen the vacancy rate drop substantially within the last quarter from 3.2% in December 2021 to now 1.9% in March 2022, a reduction of 1.3% in just 4 months, with the vacancy rate now sitting at an identical level to March 2022 when Covid-19 lockdowns set about and such pandemic market conditions began. The national average is also on the decrease currently siting at 1.0% with 36,868 vacancies, a decrease of 6,9376 vacancies from February 2022.

*source SQM Research

THE BENEFITS OF PROFESSIONAL PHOTOGRAPHY FOR RENTAL PROPERTIES

Did you know, rental properties with professional photography are leased faster than those without?

To find out more information click here.

RESIDENTIAL TENANCIES REGULATIONS 2021

On Monday 29th March 2021, the State Government will be introducing the biggest rental reform in Victoria's history. Updates to the legislation form part of more than 130 rental reforms, with the new measures ensuring that every rental property meets basic minimum standards.

At Fletchers, our aim is to keep you informed of this process and to help you prepare for the upcoming changes. If you have any further questions, please contact your Fletchers Property Manager to discuss.

Recently Consumer Affairs Victoria has made amendment to gas and electrical checks required for newly built homes.

If the rented premises is a newly built house or apartment it may not be necessary to conduct a separate gas and electrical safety check. 'Newly built homes' typically refers to homes that have never been occupied.

To find out more information click here.

Thinking of leasing out your investment property?

If you're considering listing an investment property, now is the time to act! We are well equipped to current market conditions and it is vitally important, more now than ever to seek advice now and be well prepared in advance. This includes not only having your marketing materials arranged well ahead of time but ensuring your property is in the system and the required safety checks are organised for the new tenancy. Please don't hesitate to reach out and start a conversation about your property and a strategy that works for you. We can facilitate a chat and virtual appraisal via FaceTime, Zoom, Google Hangouts, or whichever platform suits you best.

To find out more information and to receive a full valuation report, please contact me, Adrian Lieschke, on 0402 714 025 / Adrian.Lieschke@fletchers.net.au or my colleague Kristy Sanbrook on 0423 131 093 kristy.sanbrook@fletchers.net.au for further details.