This month’s REIV data shows us a steady and strong vacancy rate of 1.6%across the region. The median weekly rental rose $5 per week for 2 bedroom units to $315 while the same measure for 2 bedroom houses remains at $320 per week. 3 bedroom houses, however, have a weekly median of $360.
In our own experience for the past month, Geelong Property Managers has continued to lease properties extremely fast for good prices so we are confident the rental market remains strong in Geelong.
With the federal election over, investors are resting a little easy knowing that there will be no changes to negative gearing or capital gains tax. But speaking of government changes, it is important to note that a change to the Victorian Residential Tenancies Act comes into effect in just over a week from now. That is, from June 1, rents can only be increased once in a twelve-month period as opposed to the current law of once per six months.
A law change to rent increases is coming on June 1.
Another timely and important note for landlords is the maintenance of heaters as the cold weather is here. Carbon monoxide is deadly and all property managers follow government guidelines and urge their landlords to have their gas heaters serviced at least once every two years. In addition, we recommend also servicing split-system reverse-cycle units to increase their efficiency and prolong their lives.
Finally, if you’re not yet a follower on our Facebook page, make sure you hit that “like” button for local market updates like this one as well as some other news and info about new listings. 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.
