Professionals Armidale 
Professionals Armidale property management team leased 44 properties for the month of November which consisted of 22 houses and 22 units. The average rent achieved was $393 per week which is a $10 drop compared with October.
Professionals Armidale vacancy rate for the month of November started and finished at around 2.5%. Stock on the market remained high with <155 properties for rent throughout November.
“Our property management philosophy is simple – to minimise arrears, vacancies, and expenses, and to maximise your return”
According to SQM research, since January 2020 combined capital city market rents have risen by 40.5%, which is the fastest rise in rents since the 1970s. If SQM calculations are correct, it will mean a shortfall of some 20,000 dwellings being built next year to cater for the expected population growth. This will again cause rents to increase (largely in capital cities) and SQM expects tenants to respond with increased house sharing (a rise in the number of occupants per dwelling). This is something to keep in mind if you have an investment property become vacant in 2024.
Interest repayments on Australian properties increased from $45 billion to $91 billion in the 2023 financial year, more than doubling in recording an increase of 102%.
Professional Armidale Landlords Newsletter – November 2023
By Jamie Williams
Director
Head, Property Management / Investment Specialist
Professionals Armidale
M: 0481 173 322
P: 02 6772 4549
