Professionals Armidale 
Professionals Armidale have leased a whopping 53 properties for the month of November.
Our team has been working extremely hard and completed 133 inspections in total, from which we received 329 applications.
The average weekly rent achieved in November was $382.00. In the past 4 weeks, we have seen a drop in our vacancy rate from 2.2% to 1.2%.
A recent article, written by Mark Crindle, states that migration has been key to Australia’s population growth. Since 1820, there have only been two time periods where Australia has seen a net annual decline: between 1915 and 1916 during the First World War and from 2020 to 2021 during the international COVID-19 lockdowns.
“Our property management philosophy is simple – to minimise arrears, vacancies, and expenses, and to maximise your return”
Since 2010, approximately 60% of our population growth has come through international migration. In 2019, Australia gained 247,620 people via overseas migration. With demand for housing exceeding supply and vacancy rates at historic lows, now that international borders are open, Australia will need to increase the supply of units, townhouses, and apartments.
Stuart Wemyss from ProSolution Mortgage Broking recently wrote an article on serviceability being a major setback for investors. In October 2021, APRA increased the serviceability buffer from 2.5% to 3%. Combine this with interest rate rises and a borrower now needs to demonstrate they have over $62,000 of surplus income to qualify for a $1 million investment loan to buy an investment property.
For more, read our monthly newsletter to landlords:
Professional Armidale Landlords Newsletter – November 2022
By Jamie Williams
Director
Head, Property Management / Investment Specialist
Professionals Armidale
M: 0481 173 322
P: 02 6772 4549
