The Proprietor Summer 2023 Edition OUT NOW!
Summer Property Update, an excerpt from the Proprietor:
Firstly, we would like to take this opportunity to wish all of our readers a happy holiday season! We hope you are able to take some time out to spend with family and friends to enjoy yourself.
The residential rental market in Ballarat continues to perform strongly, with the November data released from the REIV showing Ballarat vacancy rates dropping again to 1.3% – under the regional rate of 1.9% and metro at 2.8%. Median rental prices in Ballarat also remain strong, with a 3 bedroom home sitting at $370 per week and a 4 bedroom home at $440 per week.
Stock levels of good quality rental properties is one of the reasons behind the low vacancy rate currently facing the rental market. There has been a number of landlords sell their investment property to realise the equity achieved over the past few years and to avoid having to pay the increase in interest costs with a number of rises to the cash rate over the past number of months.
Affordability will continue to be a major issue within the rental market, with the low supply of available homes causing the increase in rental prices and coinciding with all the other cost of living pressures that everyone is currently experiencing.
At Integra Property Management, we like to ensure that we get a good outcome for both the tenant and landlord. While we are currently running at a 0% vacancy rate, we have a number of tenants looking for the right rental property. If you have a property nearing construction completion, or would like to transfer from another agency, we would love to chat with you.
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