Professionals Armidale 
As November draws to a close, the Professionals Armidale property management has held a vacancy rate of 0.28% throughout the month. During the second week of the month, our team had only one vacant property available for lease.
According to www.realestate.com.au, the median sales price for Armidale is $404,000 and a median rental price is $380 per week. The ten percent increase in house prices over the last 12 months equates to an increase of circa $2000 extra in stamp duty costs when purchasing.
National Australia Bank CEO Ross McEwan says the best way to steady the property price growth over the next 12 months is to introduce another increase in the loan buffer for borrowers.
“Our property management philosophy is simple – to minimise arrears, vacancies, and expenses, and to maximise your return”
The ABS reports the average time from commencement to completion for new apartments has risen to 24 months. We are seeing a lag of 3 to 6 months in the regional areas due to a shortage of not only building materials such as timber, but also trades such as brick layers.
Many leading property economists believe the market will begin to slow mid-2022. The reason for this plateau will be due to reduced market sentiment around the speculation of an increase to interest rates, worsening housing affordability leading to reduced competition and an increase in new listings coming to market.
In early November, Westpac increased fixed interest rates for a second time in only three weeks. However, due to furthering intense competition from new borrowers, variable interest rates are being reduced. Brendan Coates, economic policy program director at the Grattan Institute says “Borrowers can expect variable rates to keep falling and fixed rates to continue rising”.
For more read our monthly newsletter to landlords: Pro Arm Landlords Newsletter November 2021.
By Jamie Williams
Director
Head, Property Management / Investment Specialist
Professionals Armidale
M: 0481 173 322
P: 02 6772 4549
