Professionals Armidale 
Professionals Armidale property management team leased 58 properties for the month of February. Demand for the month slightly favoured stand-alone dwellings with 33 houses being leased and 25 units. We have seen another strong average rent of $402. Professionals Armidale vacancy rate for the month of February slightly decreased from 2.5% in January to 2.3%. This is due to a noticeable increase in tenant demand with 226 applications being received for February compared to 100 applications for the month of December.
“Our property management philosophy is simple – to minimise arrears, vacancies, and expenses, and to maximise your return”
National Director of Property Management at Metropole, Leanne Jopsonis, recently released an article stating that many Sydney businesses are recalling staff back to the office, which means returning to the city. Sydney transport data shows that foot traffic at Wynyard Station in June last year reached the highest level since February 2020, shortly before pandemic lockdowns first began. This trend backs up local data that there is a trend of tenants, who moved to Armidale during the pandemic, now relocating back to the city.
The Wage Price Index (WPI) rose 0.9% in the December quarter of 2023, and 4.2% for the year, according to recent data released by the Australian Bureau of Statistics. This was the highest annual increase in underlying wage growth since the March quarter of 2009 and outperformed inflation which was 4.1%. Across the country, states that had a higher wage growth also performed stronger in the property market than in those states that had slower wage growth.
Professional Armidale Landlords Newsletter – February 2024
By Jamie Williams
Director
Head, Property Management / Investment Specialist
Professionals Armidale
M: 0481 173 322
P: 02 6772 4549
