Armidale Property Management Wrap Up March 2022

Professionals Armidale leased 20 properties in March 2022, which is considerably down on the 33 properties leased in March 2021.

Professionals Armidale vacancy rate consistently remains around 1%, which outlines the significant decrease in properties available for lease compared to this time last year.

193 Barney Street is a partially renovated 3 bed, 1 bath, 2 garage house, that was leased after the first inspection at $400 per week. A staggering 24 groups registered and attended this inspection. 2/37 Mayfield Avenue is a partially renovated 2 bed, 1 bath unit that also saw an impressive 19 groups register and attend the inspection.

“Our property management philosophy is simple – to minimise arrears, vacancies, and expenses, and to maximise your return”

Home renovators are being urged to brace for their projects being delayed by up to two years and costs blowing out by at least 20 per cent as the strong demand and chronic shortage of skilled labour and materials intensifies. The latest Chamber-Westpac business survey suggests supply chain disruptions will worsen in the coming months, pushing up prices for a range of goods, including construction material. Survey respondents reported labour and material shortages at their most acute level since 1974. According to Mirvac chief executive Susan Lloyd Hurwitz, a surge in single-person households and the return of migration-driven population growth will leave the country with a 163,400 shortfall of dwellings by 2032 making technology and planning improvements crucial.

Since the announcement that Australia would welcome back overseas migrants and students, PropTrack data shows that there has been a sharp rise in the number of people looking to rent homes in the centre of major cities. The total number of searches for rentals in capital city CBDs in the first 10 weeks of this year was 27% higher than the same period in 2021.

For more read our monthly newsletter to landlords:
Professional Armidale Landlords Newsletter – March 2022.

By Jamie Williams