Harcourts Move – June 2022 Update

Hello, and welcome to the Harcourts Move update for June 2022

Well, we have a new government this month, and with more seats picked up by The Greens and Independents, it is very clear that issues around climate change, integrity and women’s safety resonated very strongly amongst our communities. 

In relation to the property market, it will be interesting to see how the long term challenges will be addressed by the Albanese Government. With Housing being brought back into Cabinet with Tasmanian MP Julie Collins being named the Minister for Housing, I’m really looking forward to seeing what the impact there will be on the housing market, and of course on our investment properties.

Our team has been braving the chilly weather of late, and with the number of people attending property inspections continuing to rise the team has been kept on their toes! With over 10 properties currently available for rent.

As you will hear in my market update the rental rates are increasing across metro and regional Victoria, with units rising faster than houses. This is also having a positive impact on yields with many of our investors now positively geared. I want to congratulate our team for continually delivering great outcomes for our property owners as well as our renters.

On the streets of Melbourne

We often don’t share the stories of exactly what happens behind the scenes and what your property managers have to sometimes work through. So in this new section I thought I would share some highlights of the month.

Anna, our leasing agent was conducting an open out in Wyndham Vale when a prospective tenant approached her and shared the story of how he had threatened to kill his last property manager due to his rent being in arrears. Well done to Anna for keeping her composure during this challenging conversation.

Liam had to work with a highly agitated tenant last week who refused entry into the home as he was terrified that he would get COVID from us. Several highly emotional and abusive phone calls later, Liam was able to convince him to do a virtual inspection instead. Well done Liam for finding a great solution for all involved.

The team had another agitated tenant who wanted their heating fixed immediately as it wasn’t working. They called everyone in the office including me and several hours later, working through some trouble shooting and a lot of angst on the tenants side, we realised it wasn’t the heating that was the issue, it was however the batteries in the remote control – several hours our team will never get back.

The reason why I want to share these stories with you is that like you, I am an investor and we often don’t realise that our property managers are the people managing relationships and issues between us and the tenants and working through ever changing legislation. 

We don’t get called by a tenant unless there is a problem and often emotions are high. By sharing these stories  I hope I can give you some understanding of the day to day challenges of our team.

Harcourts Move

With the end of the financial year coming up, now is the perfect time to have your tax depreciation schedule arranged. 

You can read more about tax depreciation schedules on this link and get in touch with your accountant to ensure your investment is working for you. 

This month we also look at how to manage mould in your home. With mould being regarded as something that can harm people’s health and cause property damage, it needs to be addressed sooner rather than later so it does not become an urgent repair. 

In Victoria, rental providers may be held responsible if a problem with the property has caused mould and the problem has not been fixed. For example, a broken or faulty window frame has let rainwater inside and caused mould or damp. 

Have you thought about what investment alternatives there are to residential properties? 

While residential property is a great investment, it’s just one of several property investment alternatives. Others include offices, commercial property (like factories) and retail property. Read more about the alternatives here.

This month’s feature investment property is a great 3 bedroom, 2 bathroom townhouse that ticks all of the boxes when it comes to an investment.

• Low maintenance, new build home
• Local schools within 2km

Click here to view this property and if you’d like to know more, simply get in touch with Catherin and she can take you through your options. 

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 stay warm! 

Sadhana