Professionals Armidale 
Professionals Armidale leased 27 properties for the month of August which resulted in a vacancy rate of 0.7% for the month. This month, our team showed 200 tenants through our vacant properties and received 150 applications. The average rent achieved for our leased properties in August was $401.
Is it simply a matter of time before we see the apartment market boom? Ms Eleanor Creagh, Senior Economist at REA Group, writes “Australia’s housing profile is evolving. Over the past 30 years, the number of occupied apartments across the country has more than doubled. High-density living is also on the rise, with apartment blocks of four stories or more has almost tripled since 1991. Women aged 55 and over are far more likely than men to live in an apartment.”
“Our property management philosophy is simple – to minimise arrears, vacancies, and expenses, and to maximise your return”
Dr Shane Oliver, Head of Investment Strategy & Economics and Chief Economist at AMP, expects that the RBA will again increase the cash rate by 0.5% at its August meeting. The back-to-back series of rate hikes since April totalling 175 basis points, is the fastest increase since 1994.
Dr Oliver has also offered some encouraging thoughts on where he expects interest rates to peak. Considering that only three months ago, economists were predicting that the cash rates will soar to high 3%, and possibly even 4%, Dr Shane believes that this will not eventuate. Given that circumstances such as global supply shortages easing which reduces pressure on inflation and the significant mortgage stress households will endure should rates increase beyond 4%, Dr Shane estimates the cash rate to peak around 2.6%.
For more, read our monthly newsletter to landlords:
Professional Armidale Landlords Newsletter – August 2022
By Jamie Williams
Director
Head, Property Management / Investment Specialist
Professionals Armidale
M: 0481 173 322
P: 02 6772 4549
