RT Edgar Toorak | Property Management Q2 Market Wrap

Property Management MarketWrap

Q2 2023

Welcome

anotefrom TaylahCagalj

As we check our wardrobe for jumpers, scarves and gloves we look back at what was a busy quarter in property management.

Vacancy rates across Melbourne continued to drop and the available rental stock remains at a minimum.

Our team have seen an increase in properties being leased off market by using our early bird process and our database of prospective renters.

We hope you enjoy this quarter's edition of our Property Management Market Wrap.

Business Development Manager RT Edgar Toorak

Traditionally,thecoldermonthsusuallymeansaquieterrentalmarket,butthatis notthecasethisyear.Withalowlevelofavailablerentalpropertiesandan increasingnumberofpeoplecomingtoVictoria,thewintermonthsareprovingto bebusyforrenters

Weareseeinggoodnumbersattendourinspectionsandinmanycasesstill receivingmultipleapplications.Propertiesthatarewellpresentedandupdated areprovingtobethemostpopular Largerfamilyhomesareinshortsupplywhilst thedemandcontinuestogrowfromfamilieslookingtorelocateintothearea Vacancyratesareatverylowlevelsandweexpectthecompetitiverentalmarket tocontinuethroughouttheremainderofthisyear.

Ourofficeisseeingmanyrentersoptingtostayintheirpropertyforlongerand renewingtheirleaseatareviewedrentalratherthanvacating

REIVVacancyRates

NotableLeased Properties

9FleteAvenue,Armadale

Leased for $2,500 per week

Architecturally Designed And Renovated For Modern Living

Hidden away from view is this stunning, large architecturally designed home in prestigious Armadale Newly renovated with contemporary elegance and an abundance of natural light, the clever design provides multiple living areas with large French doors opening to the private courtyard.

A neutral colour palette and warm timber floors make each room inviting and welcoming. Entertain your family and guests in the formal dining or relax in the formal living area that features an ornamental fireplace, powder room and functional bar area.

17MurrayStreet,Armadale

Leased for $2,300 per week

Elite Luxury In An Enviable Location

Reflecting timeless European elegance, this refined contemporary residence's luxurious dimensions are defined by impressive proportions, lavish finishes and an uncompromised commitment to quality Designed impeccably for modern day living, it delivers enviable low maintenance convenience only moments to the lifestyle amenities that make Armadale so sought after

Designed around a north-facing courtyard, the interior domain is bathed in year-round natural light while high ceilings accentuate the wonderful sense of space throughout. Prime location with only minutes walk to High St's shops and boutiques, Toorak station, Beatty Ave and Elite schools.

11TorresdaleCourt,Toorak

Leased for $2,100 per week

Stunning Town Residence with Huge Rooftop Terrace and City Views

Elevated north west facing town residence in tranquil Toorak corner location. Light and airy this town residence features open plan kitchen, dining and living room with elegant French doors opening onto landscaped garden, second living room with contemporary open fire place Generous downstairs master bedroom suite, separate laundry, butlers pantry, double garage and steam room Upstairs two additional bedrooms one with ensuite and walk in robe, family bathroom and rumpus/living room which opens onto a huge north west facing terrace with city views.

2/715OrrongRoad,Toorak

Leased for $2,100 per week

Stunning Town Residence with Huge Rooftop Terrace and City Views

Elevated north west facing town residence in tranquil Toorak corner location. Light and airy this town residence features open plan kitchen, dining and living room with elegant French doors opening onto landscaped garden, second living room with contemporary open fire place Generous downstairs master bedroom suite, separate laundry, butlers pantry, double garage and steam room Upstairs two additional bedrooms one with ensuite and walk in robe, family bathroom and rumpus/living room which opens onto a huge north west facing terrace with city views.

Legislation Update

PoolLegislationandSafetyChecks

Pool and spa owners need to make sure their pool and spa are safe to VIC state standards. Specifically, pools and spas constructed from 1 July 1994 to 30 April 2010 must meet the state compliance laws by 1 June 2023.

In 2019, VIC laws required all properties with a swimming pool or spa pool to comply with the pool safety laws with valid safety certification, such as

Form 23 certificate of barrier compliance

Form 24 certificate of barrier non compliance*, or relevant occupation certificate

Councils may issue you a notice to get compliant. You can also face on-the-spot-fines of $330 and penalties up to $1,652.20.

If you have a pool or spa and are concerned it is not compliant please click on the link below for further information.

Click here to read more

SafetyChecksandMinimumStandards

The Residential Tenancies Amendment Act and 2021 Regulations came into effect on 29 March 2021.

These Regulations identify and mandate new safety related activities for residential rental properties throughout Victoria.

Rental providers must ensure:

each smoke alarm is correctly installed, in working condition and tested according to the manufacturer’s instructions annually gas and electricity safety checks are conducted every two years if an electrical or gas safety check has not been conducted within the last 2 years at the time the renter occupies the premises, the rental provider must arrange an electrical and gas safety check as soon as practicable.

Click here to read more

Informationfor RentalProviders

AustralianTaxationOffice InformationforRentalProviders

It'staxtimeagain

With the financial year over many investors are preparing their tax returns for their investment properties. We had a look at the ATO website and found a library of helpful information for rental providers.

Top10tipstoavoidcommontaxmistakes

The ATO have compiled their top 10 tips to help rental property owners avoid common tax mistakes.

Whether you lodge your tax return yourself or with a tax agent, avoid the top 10 common mistakes listed below to save time and money.

Please click the link below to read about these points in more detail.

DOYOUNEEDADVICEONYOURPROPERTYINVESTMENT?

Ifyouwouldlikeacomplementarymarketupdateonyourproperty,orwouldliketo changeyourpropertymanager,pleasecontactmeonthedetailsbelow

TaylahCagalj

BusinessDevelopmentandLeasingManager

Taylah'sfocusasBusinessDevelopmentandLeasingManageristwofold;sheworkstoidentifyand developnewandpotentialbusinessopportunitiesandsheidentifiesthebestpossiblecandidates forourrentalproviders

TaylahisatrustedandveryexperiencedSeniorPropertyManagerwhoiscurrentlyworkingtowards attainingherRealEstateLicenseSheisdedicatedandhighlymotivated,andshehasbuiltafine reputationforbeingreliable,professionalandalwaysresponsiveShehasindepthknowledgeand understandingofMelbourne’sleasingmarketandthelegislativeandregulatorymechanismsthat governthatenvironmentandshehasakeenandactiveinterestinpropertyofalltypes

Assomeonewhoenjoysmeetingandworkingwithpeoplefromallwalksoflife,Taylahhas cultivatedaveryloyalclienteleofinvestmentpropertyownerswhoknowthattheycanalwaysrelyon hertoprovidethemwithaccurate,pragmaticadvice,aswellasalltheinformationtheyneedto enablethemtomakesoundfinancialandinvestmentdecisions

0435038189

tcagalj@rtedgarcomau

10WallaceAvenue,Toorak

OurPropertyManagementTeam

RTEdgarisMelbourne’sleadingnameinprestigerealestateandatRTEdgarToorakwecontinue tobetheagencymostconsistentlyselectedtoleaseandsellmanyofStonningtonandEast Melbourne’smostluxuriousproperties.

Ifyouarereviewingyourinvestmentpropertyportfolioorarelookingtocapitaliseonthecurrent momentumofthemarket,wewouldbehappytoprovideyouwithaconfidential,uptodate appraisalofyourinvestmentproperty

MonicaGriffin SeniorPropertyManager

LeahAndrews

BaileyTopfer LeasingConsultant

EmilieCusick SeniorPropertyManager

TaylahCagalj BusinessDevelopment& LeasingManager

DarrenPearce HeadofPropertyMangement

SeniorPropertyManager