Professionals Armidale 
Professionals Armidale property management team leased 43 properties for the month of March. Demand this month slightly favoured apartments with 23 units being leased along with 20 houses. The average rent achieved increased to $417 per week.
Tim Lawless, Head of Core Logic’s research and analytics team says, “The decision to keep the cash rate on hold at 4.35% came as no surprise”. The RBA expects services inflation to decline only gradually, making the timing for a rate cut highly uncertain and dependent on further progress in reducing inflation emanating from the services sector.
Tim also stated, “Nationally, we have seen a reacceleration in the pace of value growth through the first two months of the year in all capital cities”. In fact, our combined capital cities have increased a combined 10.2% over the last year.
“Our property management philosophy is simple – to minimise arrears, vacancies, and expenses, and to maximise your return”
With unemployment reaching a new low of 3.7% and 116,500 new jobs being created in February, there is now some doubt on whether or not the expected rate cut by mid-2024 will prevail.
Michael Yardney, Director of Metropole Property Strategists has stated that low unemployment contributes to inflationary pressures as businesses compete for a tighter pool of labour, potentially leading to higher wages. This is exactly what the RBA is trying to avoid and now analysts believe the bank is more likely to hold or even increase rates in the coming months.
Professional Armidale Landlords Newsletter – March 2024
By Jamie Williams
Director
Head, Property Management / Investment Specialist
Professionals Armidale
M: 0481 173 322
P: 02 6772 4549
