Professionals Armidale 
Professionals Armidale property management team leased 42 properties for the month of October, which consisted of 27 houses and 15 units. The average rent achieved was $415. Our vacancy rate fluctuated between 2% – 2.3%.
An increase in the vacancy rate to 2.3% is reflective of current supply and demand factors. To provide some context, in the final week of January 2023, we received 159 tenant applications. The following three weeks in February we received 98, 83, and 82 applications respectively. Compare this to the four weeks in October 2023 where we received 31, 44, 30, and 21 applications. This represents a 70% decline in demand.
“Our property management philosophy is simple –
to minimise arrears, vacancies, and expenses, and to maximise your return”
As for supply for the same period of time, January 2023 saw 90 properties for lease in Armidale. Fast forward to late October where there were 151 properties for lease. This represents an increase of more than 65% in supply.
Now, for the first time since COVID, landlords need to meet the market and potentially reduce prices for vacant rental properties in order to secure a tenant.
Realestate.com.au states that in Armidale, there have been 168 houses available for lease in the past month and 853 houses leased in the past 12 months with an average of 23 days vacant. Whilst for units, there were 74 units available for lease in the past month and 509 units leased in the past 12 months with an average of 21 days vacant.
Professional Armidale Landlords Newsletter – October 2023
By Jamie Williams
Director
Head, Property Management / Investment Specialist
Professionals Armidale
M: 0481 173 322
P: 02 6772 4549
