HS Preston North Report Dec2018

Property Management

2018 property rental market wrap-up The North Report/ 12.2018

Josie Galati Director | Property Management 0431 621 614

Just recently, new legislation was passed in the Victorian Parliament allowing increased protection for tenants, while ensuring landlords and property managers are able to efficiently manage the home without issue. The recent laws will include up to 130 changes to the current bill, including allowing tenants to have their pet reside in the home with written consent, which can only be refused through VCAT and they will also be able to carry out minor modifications without permission from the landlord or agent, such as picture hooks on walls. Although the prospect of these new laws has caused some mild controversy (especially with landlords), we can be confident that it will permit a smoother

What a year it was! Looking back in 2018, we reflect on what was Melbourne’s most unpredictable housing market that we’ve seen in the past decade. Despite the uncertainty in the sales aspect, we can be confident in the fact that the Property Management department were undoubtedly reaping the rewards of a property boom 12 months ago. The rental market in the Northern suburbs is on the increase as rental yields are remain steady with an average of 2.6%* with an overall yield across Melbourne of 2.8%.

and more peaceful tenancy relationship ensuring both the homeowner and tenant are happy with the transaction. With an excellent twelve months behind us, we look forward to promising future in 2019 and wish you a happy holidays and a safe, prosperous new year.. n * REIV (Market-Insights) Week ending October 28, 2018 Suburbs Average: Preston, Northcote, Reservoir, Thornbury, Coburg & Lalor.

RECENTLY LEASED PROPERTIES

FEATURED RENTAL Reservoir 2/10 Mason Street

Preston 58 O’Keefe Street

Reservoir 2a Carrington Road

FOR LEASE

LEASED $480 per/wk

LEASED $550 per/wk

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2

HOUSE

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TOWNHOUSE 2

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Tips for landlords - Find and retain good tenants You want reliable, long-term tenants that pay their rent on time and as possible. You can make sure the right kind of tenants apply by ensuring

responsible. As an experienced landlord, you don’t want to pay more than you have to for the costs of advertising or vetting. Quality tenants will expect your property to be well maintained, so ensure you have a sound budget for maintenance and repair. Remember

take care of your property. Securing responsible tenants will significantly reduce the financial risks associated with investment property and make it less likely that you will have to endure the time-consuming and potentially costly task of replacing undesirable tenants. Because of this, it is important not to skimp on advertising, and to make sure your listing is disseminated as widely

the rental price is in line with similar properties in your area. This is another area where the benefit of a good property manager becomes obvious. Less reliable tenants will be filtered by the thorough vetting process conducted by the best property managers. Once you’ve found good tenants, you need to keep them; you don’t want your property to sit empty for long periods or risk taking on tenants who are less

that a good tenant/landlord relationship goes some way to

retaining tenants, so keep the lines of communications open and consider your tenant’s requests. n

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