Professionals Armidale 
Professionals Armidale leased 24 properties for the month of September and showed 155 prospective tenants through our vacant properties, this was 45 less than August. The average rent achieved for our leased properties in September was $396.
According to a recent article by PropTrack, the regional NSW suburb of Bellbird (on the outskirts of Cessnock) achieved the highest price growth in the country over the past 12 months where the median house price surged by 59.5%. The article also stated that whilst Sydney prices fell by 1% over the past 12 months, properties in the outer west and the Blue Mountains increased by as much as 7%. Unit prices in the regions of both Southwest Rocks and Yamba increased by over 40% respectively.
“Our property management philosophy is simple – to minimise arrears, vacancies, and expenses, and to maximise your return”
The Australian economy grew 0.9% during the June quarter of 2022 and has increased 3.6% over the past year. Consumer spending on transport services rose 37.3% during the quarter, largely due to the re-opening of international and domestic borders. Whilst we saved 2.4% less than the March quarter, we also purchased less food from shops, down 1.2% from the March quarter.
Thinking of building? Builders continue to face significant supply constraints and continuing inflation has seen timber prices increase by 20% since September 2021. Reinforced steel has risen 40% and plastic piping 26% over the last year.
Economists are speculating that for the first time in five months, we may not see an increase in interest rates on the first Tuesday of October. CBA have forecast interest rates to peak at 2.85% in November which would leave us with a further 0.5% increase.
For more, read our monthly newsletter to landlords:
Professional Armidale Landlords Newsletter – September 2022
By Jamie Williams
Director
Head, Property Management / Investment Specialist
Professionals Armidale
M: 0481 173 322
P: 02 6772 4549
