Harcourts Move – September 2022 Update

Hello, and welcome to the Harcourts Move update for September 2022.

Spring has sprung, and as we move into what is known as the traditional “selling season” it’s going to be interesting to see how the market reacts to recent increases in interest rates, the early signs that inflation might be starting to slow, and the continued downturn in the property market over the last few months. 

While the current value declines are unlikely to wipe out all of the gains over the last 2 years, with more properties coming onto the market taking longer to sell, sellers are needing to be realistic about the prices they are expecting for their properties.

The investor/rental market is also proving to have its own challenges with some (not all) rental providers having quite high expectations on what returns their rental property can yield. 

Rental demand is increasing and there are challenges with finding enough rental stock – current vacancy rates are at 1% – however, the reality is people can only pay what they can afford to pay when it comes to rental properties. Rent can only go up so much without risking a property sitting vacant and producing no income at all. I strongly encourage our rental providers to be realistic when it comes to increasing a property’s weekly rental rate, and if you have any questions at all about your options, please do not hesitate to get in touch.

In this month’s newsletter, you’ll find some helpful articles when it comes to what happens if your renter stops paying rent, and what to do if you’re looking to sell a rented property or invest in a second (or third) property?

On the streets of Melbourne

What happens if my renter stops paying rent?

It’s important to understand your rights and what to do when those weekly or monthly payments stop. Keep reading for an overview what to do if your renter stops paying rent.

Read more here.

Selling a rented property

Having to sell an investment property can be a challenge. However, the team at Harcourts Move will always create a great outcome throughout the sale. 

Read more on how we can help.

Should you sell or invest in your second property?

As your circumstances change the decision to sell your home or keep it as an investment may be something that you need to consider. 

Click here to read more.

Our team at Harcourts Move are dedicated professionals when it comes to property management.

Our property managers understand how the market will impact your investment and how to improve the yield from your property.

Find out more.

Thank you for your continued support and remember our team is always here to help answer any questions or share our expertise with you, so please feel free to get in touch at any time.

Until next month, stay safe and enjoy the burst of colour as spring comes alive!

Sadhana