The Miles Property Management Team have enjoyed an extremely strong 2022 which is expected to continue well into 2023. Our teams have leased over 800 properties in the last 12 months and are currently managing a portfolio of over 2535 properties.
The Melbourne market continues to present very favourable conditions for Rentals Providers with the October vacancy rate recorded at 3% and the Miles vacancy rate below this at 2.3%. In Banyule, the average days on market is 12 for houses and 13 for units.
The demand for larger homes remains exceptionally strong and are leasing quickly. Miles recently leased 8 The Oaks, Ivanhoe East , a four bedroom residence with a double lock-up garage for for $1200 per week and 2/51 Wilfred Road, Ivanhoe East, a four bedroom home that leased for $1000 per week.
Apartments update
Apartment leasing has also picked up significantly since our last update. In the previous quarters this aspect of the leasing market was slower with higher levels of stock, however, we’ve seen a considerably higher uptake of apartments which is great news for investors and Rental Providers. In November Miles leased 32 apartments up from 29 the previous month.
Minimum standards deadline looming – book your Safety Checks now
The March 29th deadline is fast approaching for Rental Providers to ensure safety compliance measures are met and conducted by a licensed or registered practitioner. Every private residential rental property in Victoria is now required by law to complete this. As the deadline draws near, Rental Providers can find out more about their compliance status through discussion with your Property Manager who can book this in on your behalf in consultation with your Renter. Find our more here or contact Fiona Galbally.
Urgent and Emergency repairs over Christmas and New Year
Please be assured that over the Christmas break, we have a listed of entrusted trades who will ensure that any emergency or urgent repairs will be swiftly addressed despite the holiday period. Our trades are extremely knowledgeable on what is and isn’t an emergency repair and will act accordingly.
Should you require a rental appraisal in the new year, please get in touch. We will arrange one of our expert team to conduct a thorough review.
From the Property Management team, we wish you wish you all the best for the festive season and a safe, healthy new year.
Source: propertydata.com.au
