Harcourts Move – December 2024

Hello and welcome to our final newsletter for 2024. 

As 2024 draws to a close, I would like to take the opportunity to thank you for your support in what has been quite an eventful year, both domestically and internationally. The end of the year has always been a time where family time takes priority and this year I’m very excited to spend the first year celebrating with my beautiful new grandson. 

Did you know a new generation is on its way in 2025? Generation Beta will arrive and this means there will be seven ‘generations’ alive in one year! I was intrigued by this article that revealed the top five trends that will shape our lives according to Social Analysts. 

The article looks at the trends that underscore the evolving challenges and opportunities for Australians as they navigate demographic shifts, technological impacts, and economic pressures in the coming years. 

One of the predictions is very close to my heart – a digital detox to help reclaim meaningful human connections and establish healthier boundaries with technology, especially for younger generations.

It also looks at how Australia’s rapid population growth, driven by migration, is prompting an “era of the big build” to address housing and infrastructure demands. However, Australians are increasingly dissatisfied with urban congestion and rising living costs which may lead to another prediction that the workforce will face a “productivity paradox,” as employees seek balance, flexibility, and creative autonomy amid growing workplace stress. Cost of living pressures will lead to “consumer compromises,” with many Australians prioritising affordability over social responsibility values.

It’s a really interesting article – read more here. I’d be interested in hearing what you think!

Rentals Update

Changes in Rental Legislation and Minimum Standards: What you should know about

Victoria’s updated rental standards continue to shape the leasing landscape. These changes aim to improve safety, accessibility, and sustainability, including updates on electrical and gas safety checks, minimum rental property standards, and additional rights for tenants. 

Engage Victoria have outlined a strategy for Minimum Standards for Rental Properties and Rooming Houses starting from 1 December 2024 for new rental property standards to take effect addressing safety and energy efficiency, with timelines extending into 2030.

The two new regulations introduced at this time include mandatory blind cord safety measures and phased heating upgrades for rooming houses to improve tenant safety and energy efficiency. 

Other key changes to note include:

• Mandatory Compliance Checks: Regular gas and electrical safety checks are now compulsory.
• Minimum Standards: All rental properties must meet specific standards, such as functioning heating and secure entry locks.
• Tenants’ Rights: Stricter guidelines have been introduced to protect renters against unfair practices, including no-fault evictions.
• These reforms are designed to balance the needs of renters and rental providers to provide a fairer rental market. 

For property owners, this means ensuring compliance to avoid penalties while maintaining attractive properties for renters and the phased rollout of these regulations aim to improve tenant safety while minimising costs for property owners. Ensuring compliance now can save time and costs later and our goal is to make sure you stay informed about any changes affecting your investment.

You can read more about the roll out in this article and of course, if you have any concerns or questions, please don’t hesitate to get in touch with Christina on 0481172556.

Read the top 10 things you should ensure your property has before bringing it to the market, brought to you by Smart Property Investment.

Short Term Rental Update

Maximise Returns on Holiday Rentals with Last Minute Bookings

With the holiday season upon us, now is the time to ensure your short-term rental property is optimised for maximum returns. One of the easiest ways to maximise returns during this time relates to the last-minute booking changed from MadeComfy.

Since adjusting the minimum stay from 5 to 3 nights three weeks ago on MadeComfy, it has created a significant increase in bookings for the Christmas and NYE period. This adjustment has historically proven to be effective in capturing more last-minute bookings, especially with the holiday season approaching.

To further drive bookings, MadeComfy is now preparing to reduce the minimum stay to 2 nights, effective from Wednesday, December 4th, 2024, for bookings starting from December 19th, 2024 until 21st of December. This will be the final push for last-minute bookings in this period. 

Also consider offering premium amenities such as high-speed Wi-Fi and air conditioning if your property doesn’t already have these highly sought after amenities, and by updating your property with fresh professional photos and engaging descriptions, it can help to capture more interest and lead to more bookings.

Andrea is here to help if you have any questions about your short-term rental, and of course if you’re considering moving your long term rental to the short term rental market to maximise your returns, she is available on 0413395366.

Sales Update

Thinking of Selling in 2025?

If you’re considering selling an investment property in 2025, it could be an excellent opportunity to not only benefit from stronger selling conditions that generally lift in March, but also optimise your financial planning. For investors over 55, leveraging proceeds from a property sale to boost your superannuation can offer significant advantages.

Under current rules, individuals over 55 can take advantage of the Downsizer Contribution Scheme, allowing contributions of up to $300,000 ($600,000 per couple) to their superannuation from the sale of their home, even if it’s an investment property and meets the eligibility criteria. 

For those under 75, non-concessional contribution caps also offer opportunities to top up super. This advice is general in nature and if you would like to know more on how this may affect your personal situation, our team can connect you with trusted financial advisors to ensure you make the most of these incentives while navigating property sales.

A property valuation is always a good place to start. Simply fill out this form and our team can provide a no obligation appraisal. 

Christmas Shut Down and Emergency Contacts

Our office will be closed from the 20th of December returning on the 3rd of January. 

During this time if there are any emergencies, please contact Andrea Motta on 0413395366 or Christina Guirguis on 0481172556.

Thank You and Looking Ahead to 2025

As we wrap up 2024, my team and I are grateful for the trust and support you’ve shown us. Looking forward to 2025, we’re keen to see a robust market for investors with a lot of new opportunities on the horizon. Together, let’s make the upcoming year even more prosperous.

Thank you for being part of Harcourts Move, and from all of us at Harcourts Move, we wish you a joyful holiday season and a fantastic start to the New Year

Enjoy summer!

Warm regards,

Sadhana and the Harcourts Move Team