August 2022 Newsletter
HEY NEIGHBOUR!
Can't believe the month has rolled around again. It's been a busy one.
We have only 4 vacant properties across the whole portfolio and rents are certainly on the rise. As our properties become due for rent review and discussions are had with my owners, the comments are always the same. Rising costs for all investment property owners, and the Compliance checks are a pain in the proverbial. Necessary and overdue for some properties but still a pain...
There has been so much work generated in the past year all due to Gas, Electricity and Smoke Alarm Compliance inspections. Plumbers and Electricians seem to be a rare breed and hard to find nowadays. We're experiencing scheduling issues, with an 8 week dela in some cases all due to the shortage of staff (Covid related mostly) and workload. Gone are the days for free quotes.
Rents are being increased due to mounting costs but vacancies are still low, mostly in the inner and outer suburbs, with plenty of vacancy in city apartments but starting to decrease.
It feels like the end of year is already racing toward us, Footy Finals are looming, sadly our Blue boys crashed out and won't be in the hunt this year. We turn our efforts to next season. The financial experts say times will get tougher before things improve but hang in there. Hopefully we are getting to the end of the Covid season and days are getting longer again. Nearly time to fire up the BBQ again.
If you find the time, give us some feedback, write a review or ask a question. We love hearing from you.
Thank you and enjoy your day, week, and month!
Speak Soon.
Carmela
MARKET INSIGHTS
We strive to stay up to date on the latest market trends. Here are a few articles we think are worth reading.
- REIV CEO says more regulation isn't the answer.
Quentin Kilian has shut down the idea that legislation to protect against underquoting must be a major focus of Victoria's Property Market Review.
- Gas safety regulations changed in June.
Amendments can be read on the Consumer Affairs Victoria website under the Residential Tenancies Amendment Regulations 2022.
- In June 2022, Australia's capitals had a 62.3% auction clearance rate.
CoreLogic released preliminary statistics of the clearance rate for auctions across Australia's capital cities.
COMMUNITY BULLETIN BOARD
What's new in your neighbourhood? These are a few recent updates that are happening in some of our local communities.
- Every 4th Saturday of the month, Bayside Farmer's Market is on.
Live music, food stalls and shopping. The market is on 8am - 1pm at Trey Bit Reserve Sandringham.
- Box Hill South Neighbourhood House is celebrating Women's Week.
They will be holding activities (including a pamper session) to improve physical, social, spiritual and emotional health.
- Planting 4 Platypus is a community planting day along Diamond Creek.
Help restore habitats for a near-threatened species, the platypus, while beautifying the community. Catering is provided, BYO water bottle and garden gloves.
NEIGHBOURHOOD NEWS
Here in The Neighbourhood office, we work to continuously improve your experience and our services. Our below efforts in the last month were focused on building a helpful and inclusive community.
- In July, The Neighbourhood was working hard.
We had a total of 18 properties available throughout July. We leased 12 of them and we had 5 new owners join our neighbourhood.
- Join our Online Community.
Our online community launched last month, and we want to build an inclusive and helpful space for renters and owners. Follow us to join our community. We look forward to engaging with you.
- Our blog, Bring Your Garden Inside was written to help renters feel happy at home.
Having indoor plants can have a positive impact on your mental health and physical wellbeing. There are also some species of plants that have other benefits too.
