Bourkes Quarterly Property Report - March 2018

Property Report MARCH 2018 QTR

Contents Market Update

1

Seasonal Issues

2

Contractor of the Quarter

3

Tenant of the Month

3

Finance Update - Glen Austen

4

Mother’s Day Competition

4

VACANCY NUMBERS DOWN

BY ALAN BOURKE

Recent vacant rental numbers data is looking better for investors.

In the latest REIWA release, there were approximately 8,500 properties listed for rent. This compares to 10,600 last year, an approximate 20% fall in numbers.

There’s still plenty of choice for tenants but such a drop in stock bodes well for investors. The overall vacancy rate is approximately 5.1% in WA and 3.4% at Bourkes. Rents are stable at an average of $350pw.

FINGERS CROSSED We were briefed recently that there are moves afoot to require property owners to have separate RCDs for every electrical device directly connected to power. This would mean an additional RCD for every air conditioner, pool pump, hotplate, bore, etc.

Also, this may require an upgrade to the switchboard. Another financial impact to investors. I hope this change to legislation gets blocked.

Alan Bourke Principal / Auctioneer

FOLLOW BOURKES! Want to keep up to date with the Bourkes team and company promotions? / Bourkes.Property

@Bourkes_Property

/BourkesTV

/Bourkes

Seasonal Issues Autumn Maintenance Tips It’s always a good time to make sure your property is ready for Autumn and it’s not too late. Our tradespeople can attend to any jobs that need doing at your own property or your investment property.

Always check your manufacturer’s guide for their commendation, but upkeep should typically be done every three to four years to keep your system running in great condition.

Perth is about to experience some cold and wet times this Autumn. Here are some tips for maintaining and adding value to your property / properties during the wetter months.

And when it’s time for a trades person – that is, a qualified and licensed plumber, we have a list of good contractors we could recommend and organise this for our owners .

Gutter Cleaning

•

The sacrificial anode: This is a metal rod that hangs down inside your tank to attract impurities that would react with the tank and cause it to rust. Because the rod itself rusts, it should be replaced around every four to five years (or as recommended by your manufacturer); failure to do this is one of the most common reasons for hot water system breakdown.

•

The temperature and pressure relief valve: This helps regulate traditional storage tank systems by venting hot water when needed. While periodic replacement needs to be carried out by a professional plumber, you can check on it yourself between professional services.

With Winter fast approaching us and rainfall imminent it is extremely important for gutters to be cleaned and free of debris. Having gutters and drainage not clear could cause extensive damage, which could cost large amounts of money to then rectify. Tree lined street home owners look to do this almost monthly throughout Autumn, to ensure clearance throughout this season. We can organise this on behalf of our owners with reliable contractors to ensure your property is protected and the tenants being disturbed is kept to a minimum.

Ensure the following:

Servicing the Hot Water System Typical storage tank water heaters can last around 8-10 years, while tankless systems can enjoy up to 20 years with correct servicing. With regular servicing, uncessessary replacements will be minimised. It is always important to make sure when the system is installed it is kept out of the weather and elements to stop unnecessary wear on the system.

Ants It’s migration season with many ant mounds appearing. If we see a problem at inspections then we’ll let you know.

QUARTERLY REPORT | MARCH 2018

Changes to our Leasing Department We are very pleased to advise we have appointed Doug Fabian as our new Leasing Manager. Doug has a previous background as a Property Manager and is already receiving rave reviews from owners and tenants.

You can contact Doug on our Leasing mobile number 0419 536 954 or by email leasing@bourkes.com.au.

Bourkes Contractor of the Quarter Bourkes “Contractor of the Quarter” is Albert Rodricks from Albanisa Investments. Albert does our property condition reports for our rentals. He has been with us for several years and has been very helpful and professional.

Pictured here with our Senior Property Manager’s Dominique Parisot and Marie Corrignan. Congratulations Albert from the team at Bourkes and all your happy clients!

Albert can be contacted on 0452 641 945 and albertrodricks@hotmail.com

Bourkes Tenant of the Month February & March 2018 Bourkes “Tenant of the Month” in February was Taylor Hiltunen and In March was Sungsu Hwang & Jaejeong Sim (Dave & Mary).

(Pictured here with our Property Manager’s Marie Corrignan and Davina Morton).

Congratulations to them both from the team at Bourkes!

QUARTERLY REPORT | MARCH 2018

Finance Update with Glen Austen of Tag Finance | 0433 056 544 | glen@taggroup.com.au

Investment loans have taken a bit of a hammering lately with APRA’s regulations forcing the banks to move on interest rates. Simply put, APRA is regulating the banks to limit the amount of investment & interest only lending they carry on their loan books. The banks don’t want to stop lending to investors so to help them meet regulations and stem the flow, they move on investment rates instead. An investment loan is now more expensive than a normal home loan If you want interest only repayments as most investors require based on their financial advisors recommendations, then the rates are even higher again.

Mothers’ Day Competition

On the positive side though, rates are still very low compared to previous times gone by and the additional interest costs are generally tax deductible.

Contact Glen on the above address if he can assist in checking your interest rate.

00 Win a $3 or voucher f ity!

Garden C

To enter our competition, participants need to ‘like’ the Bourkes Facebook page and write the best caption for the competition picture in the comments below the original competition post. The caption must be original and not exceed 15 words.

The winner will be drawn on the 9th of May 2018 and will be announced on Facebook. * See full Conditions of Entry by clicking on the following link. https://files.acrobat.com/a/preview/ca9a03ea-0dd5420a-bfc6-3b2f85e5e81b

272 Canning Highway Como WA 6152 | 08 9474 2000 | www.bourkes.com.au If you would prefer not to receive this publication, please email reception@bourkes.com.au