Rents continue to rise strongly in Banyule amid low vacancy rates and continued demand. The Melbourne-wide vacancy rate is currently sitting at 2.1%1 and the Miles vacancy rate is extremely tight at 0.99%. During the second quarter of 2023, a total of 187 properties were leased by Miles, with an average time on the market of just 14 days. We received a staggering 3801 enquires from prospective tenants in search of a rental property. Out of the 187 leased properties, we received 1,251 applications, meaning that a significant 1,064 of applicants were unsuccessful.
With the limited availability of properties in the market, well-presented properties are achieving excellent returns, so if you are thinking about renting out your property, now is an ideal time. The heightened demand ensures that you can choose from a pool of highly qualified tenants and enjoy a substantial return on your investment.
Whilst there are many Property Management teams in Banyule it is crucial to select one that ensures your property meets all the latest legislative requirements. At Miles, we take pride in maintaining a 100% compliance status across our extensive portfolio of over 2,500 rental properties. This achievement offers you complete piece of mind knowing your valuable investment is being maintained by the best team.
If you are looking to complete any preventative maintenance or minor upgrades the Miles Concierge can assist you with quoting, project management and oversight of the works. We provide a comprehensive range of services including quoting, project management and execution. With Miles Concierge, you gain access to our experienced and trusted network of service partners who offer competitive pricing. They have a proven track record of delivering excellent quality and value, ensuring the best possible outcome for your property. By keeping your property well-maintained, you can expect higher rental returns and enjoy the peace of mind that comes with knowing your investment is protected against potential issues that may arise from neglect.
The Miles Property Management team has been consistently delivering exceptional results in the Banyule area. In June, we leased 151 Marshall Street, Ivanhoe a heritage home in a premium location for $1000 per week. 301/11 Livingstone Street, Ivanhoe a large and luxuriously appointed penthouse for $900 per week and 44 Dresden Street, Heidelberg Heights a 5-bedroom period home for $940 per week.
If your investment property is listed with another agency, please consider arranging an updated rental appraisal with the Miles Property Management team. Our service is not limited to Banyule and we service all areas in the north, north-east, east and inner CBD. Our team will be able to provide cost-effective advice around how to achieve the best return on your investment. If you wish to transition from another agency to Miles Property Management, we can manage this process on your behalf. It’s as simple as giving one of our dedicated property management experts a quick call and we take care of the rest.
Sources:
1. reiv.com.au
2. realestate.com.au
