We continue to see strength in the rental markets across each of our four offices in Ballarat, Bendigo, Maryborough and Ararat. The vacancy rates across this swath of Regional Victoria have been hovering around the 1% mark which is remarkably low from an historical perspective. With vacancy rates at such low levels, we are seeing strong competition amongst renters to secure a property. Consequently, many of our owners are experience positive gains in rental prices both when entering into a new agreement but also when conducting renewals and rent increases. There is strong comparative evidence showing the increase in rentals prices and this should encourage owners to adopt the current pricing. If in doubt speak with your property manager about where their portfolio should be positioned. Our ‘days on market’ continues to be very low with new listings moving quickly. All good news.
Areas that continue to remain popular are those within reasonable distance to the CBD as well as properties with good transport linkages. If you are considering adding to your investment portfolio, please make contact for further advice as to what would be an optimal purchase in terms of location, features and pricing. Additionally, if you would like to diversify your portfolio amongst a number of different cities then we can direct you to one of our sales team at either Ballarat, Bendigo, Maryborough or Ararat. We are seeing some great buying opportunities in each of these markets.
Our sales teams are reporting a steadying of prices in the market after a short period of uncertainty. Open house attendances which are a good measure of the strength of the market are clearly on the way up. Regional Victoria continues to be a draw card for many looking for a lifestyle change or to take advantage of less onerous commuting requirements. This in many ways has shielded us from the price fluctuations that capital cities have been experiencing. Regional Victoria still represents great value for buyers in terms of affordability and we believe this will be a key driver of buyer interest moving into the second half of the year.
If at any time you wish to discuss the performance of your investment portfolio or real estate in general, please do not hesitate to contact me direct on 0438 508 855.
Minimum Housing Standards
Under Victorian rental legislation that came into effect in March 2021, it is the responsibility of rental providers (landlords) to ensure a rental property meets the list of 14 minimum standard categories. These standards cover aspects such as locks, electrical safety, energy efficient heating to structural soundness and more.
We recommend that you review the Consumer Affairs website for the full rundown of each category so you know exactly what your obligations are regarding minimum housing standards. Our team of property management experts can assist you in meeting your obligations. We have identified a highly reputable independent third-party company Property Compliance Victoria who can inspect and assess your property to determine the compliance under the legislation. As property managers, we are not suitability qualified to assess many of the items and therefore are unable to advise as to whether your property meets the full list of minimum standards.
There are penalties for failing to provide a property that meets minimum standards and are also consequences for not carrying out requested repairs to bring a property up to minimum standards. Should you elect not to ensure that your property is compliant by taking up this third-party provider you hereby indemnify Ballarat Real Estate Pty Ltd, Bendigo Ballarat Real Estate and its related entities from any action or liability. Should you have any questions or wish to arrange for an inspection to take place by PCV please contact our office.
Happy Client Reviews
Check out what our happy owners and renters are saying about us! If at any time you need to reach out to discuss any concerns we would appreciate the opportunity to discuss with you.
