Notes from our Principal
What a Year! I think most of us would agree that 2020 was far from what we expected. As we approached the end of 2019, we noticed signs of a buoyant market. The vacancy rate started decreasing slightly earlier than expected for the time of year.
January and February are commonly peak periods for the CQ region but with the head start given us, we hit the ground running with fewer than normal properties available. We saw exciting results coming in to 2020 with short change overs and rents beginning to consistently increase not only with advertised properties but also at the point of lease renewals. Covid then hit. We (like you), didn’t know what to expect! We were apprehensive that all the momentum we had gained to date would be undone instantly.
Our team worked around the clock to ensure the properties were tenanted in the unknown event the world would go into a lockdown. Surprisingly, despite the world’s pending negativity of the global event, it seemed to leave us mostly, untouched. Rental Inquiry continued to increase and now more than ever people were racing to rent properties in the event they also would soon be put into lockdown.
April 2020—A major hailstorm hit our region. One we haven’t seen in decades, and yet again, took the market to a whole new level. We saw an influx in workers, businesses and professionals to the region, not to mention young working couples looking for a lifestyle change. The rental market went from tight to insane almost overnight.
I would now describe our region and our market as almost a housing crisis. We have up to 30 applications on some properties, a zero vacancy rate (and maintained this for 6 months). Now, more than ever before we are commonly avoiding advertising, and where possible matching pre approved tenants to properties. It has favoured Landlords considerably with rents in some places increasing up to $100 per week when vacant.
It is a great time to invest with interest rates at an all time low and rental yields achieving optimal return. If you would like to strategically invest, please let us know as we can assist in helping you achieve the best investment property to suit your plan.
Looking to Sell?
We have spoken about the strong rental market of late, but have you also considered selling? We understand that this may also be an optimal time for you, as the market is starting to show signs of movement and now may be the right time to start preparing your property to achieve the best price. The sales market has begun to show signs of improvement, and therefore for many, that have been holding on tight through the last decade of a typical ‘low’ market, this is good news. We understand that Elite specializes in
Property Management, however we can still provide assistance through this process. Please let us know if we can arrange an appraisal for you!
Our first school-based apprencticeship