Another Reserve Bank meeting has come and gone and interest rates are at new record-low. Of course this won’t have an immediate effect on our rental market, but the REIV data for June still indicates it is strong. There is a slight increase the region’s vacancy rate up .1 of a percent to 1.7%. And the recent increases in median rents for 2 bedroom apartments has eased and now remains at $320 per week which is the same steady figure for 2 bedroom houses. 3 bedroom houses, however, have actually increased to a new high of $370 per week which is $10 more than the previous 6 months.
In our own recent experience, prospective tenants are jumping at new and modern stock as they seem to appreciate the fresh and spacious feeling of new and/or renovated rental properties.
Across town, a trend like this can certainly contribute to those rising figures.
In other news, many of you know us know that we are actively training other property managers across Australia and just last week we held our first PM Reach conference in Marysville. This was a fantastic event with many delegates describing it as “life changing” and that makes us feel really good because we love what we do and we thoroughly enjoyed bringing property managers together from VIC, NSW and QLD to re-discover their passion and enjoyment for this real estate sub-industry of property management.
And as always, we invite you to check out our Facebook page and hit that “like” button for market updates and information like this. Our page can be found at https://www.facebook.com/GeelongPM
If you have any questions on the state of the Geelong Rental Market or if you would like to discuss our property management services, please don’t hesitate to give us a call on 03 5277 1125.
