Professionals Armidale 
Professionals Armidale property management team leased 49 properties for the month of September which consisted of 29 houses and 20 units. Our vacancy rate ranged between 1.7% -1.9% which is a great sign for regional NSW considering the national vacancy rate now sits at 1.10%. The average rent achieved throughout September was $385.
According to Prop Track’s Senior Economist, Eleanor Creagh, renters living in Sydney, earning minimum wage, can afford just 0.4% of homes listed for rent. Similarly, renters living in Melbourne earning minimum wage can afford 0.6% of homes listed for rent. Ms Creagh noted that the number of affordable rentals has fallen by 30% since August 2022 and in some cities, zero properties listed for rent in August 2023 would be deemed affordable.
“Our property management philosophy is simple –
to minimise arrears, vacancies, and expenses, and to maximise your return”
The latest Australian Bureau of Statistics data shows a record net of 502,000 visa holders (excluding tourists) arrived in Australia in the year to July, with student visas accounting for 297,000 of these arrivals. This means that around 1 in 10 people in Australia currently is a temporary migrant.
One way our government is trying to alleviate the rental crisis is to increase build-to-rent projects whereby corporations are encouraged to build large accommodation complexes for long-term rental. There are approximately 8350 BTR properties under construction across the nation currently, with a further 12,900 approved for development in the near future.
September saw the combined value of residential real estate in Australia reach $10 trillion, for the first time since June 2022.
Professional Armidale Landlords Newsletter – September 2023
By Jamie Williams
Director
Head, Property Management / Investment Specialist
Professionals Armidale
M: 0481 173 322
P: 02 6772 4549
