Professionals Armidale 
Renters are willing to do whatever it takes to secure a property; this includes outbidding the competition.
On Saturday 9th October, I opened 1 Eleanor Close, Armidale for inspection. A 3 bed, 2 bath property marketed at $480 per week.
Due to the scarcity of this quality of property currently offered in the Armidale market, it was leased after the first open home, on a 6-month term at $550 per week.
Contrary to this, Domain economist Dr Powell, states that rental prices for Sydney CBD apartments have dropped by 20% since March last year.
“Our property management philosophy is simple – to minimise arrears, vacancies, and expenses, and to maximise your return”
At Professionals Armidale, our current vacancy rate sits at 0.4%.
To put this into perspective, eighteen months ago there were between 250-300 rental properties available for lease in Armidale. At the time of writing this article (26/10/21) there are a mere 70 properties for lease.
The RBA has declared there are no signs of an increase in wage growth for the near future.
It stated that interest rates are not likely to increase until we see inflation rise and remain at 2-3 percent.
For this to happen, the RBA believes wage growth needs to rise above 3 percent, it currently sits at 1.7 percent.
A recent survey completed by the Australian Financial Review points to the RBA not increasing interest rates until the middle of 2023 at the earliest.
The total value of residential real estate in Australia has risen by $1 trillion in the past five months, now totalling an estimated $9.1 Trillion.
New research undertaken by Canstar shows that Australians that bought property six months ago could be up to $180,000 better off, than if they had invested their savings in the stock market or a term deposit.
For more read our monthly newsletter to landlords: Pro Arm Landlords Newsletter October 2021.
By Jamie Williams
Director
Head, Property Management / Investment Specialist
Professionals Armidale
M: 0481 173 322
P: 02 6772 4549
