February 2013 Rentals Newsletter
2/350 Charman Rd, Cheltenham Vic 3192 03 9584 8288 [email protected]
February 2013 Update
109 Centre Dandenong Rd Dingley Village Vic 3172 03 9551 3533 [email protected]
Investment Property of the month:
Rental Market Update The availability of rental homes continues to improve with a vacancy rate of 2.3 per cent being recorded in Melbourne and 2.6 per cent in Regional Victoria over the month of December last year. Within Melbourne the highest level of vacancies was in the middle suburbs where a rate of 2.9 per cent was recorded. This is well above the 2.3 per cent in November and 1.2 per cent a year ago. The inner suburbs and those along the Mornington Peninsula recorded a vacancy rate of 2.5 per cent whilst outer suburbs recorded a contraction to 1.3 per cent. The improved level of vacancies has not yet translated into lower rents being asked by landlords; however if the trend continues, as it is expected to, it will in time result in overall rents either stabilizing or reducing in nominal terms. REIV research indicates that they have generally fallen in real terms as the higher availability of rental homes has improved. It must be noted that there will be local areas and specific property types where there may still be a low level of vacancies. In regional Victoria the level of vacancies remained comparatively high in most regional centres. A vacancy rate of 3 per cent was recorded in both Geelong and Ballarat. In Shepparton and Warrnambool the rate was just above 4 per cent. The two exceptions to this were Bendigo and Wodonga where the vacancy rate was 0.8 per cent. The median rent for a house in Melbourne increased incrementally from $380 per week in November to $381 in December. In regional Victoria it was stable at $300. Source: REIV
23/65-67 Tootal Road, Dingley Village Style, Class and Contemporary Living Designed for today’s contemporary living, this spacious townhouse is more like a full sized home! Beautifully presented, this home features open plan living at its best! Downstairs features open plan living, dining and kitchen with stone benchtops and stainless steel appliances. The bonus with this townhouse is a spacious bedroom and bathroom downstairs, which is perfect for elderly guests! Upstairs features another living area and 2 bedrooms with robes as well as a central bathroom. Extras include heating, cooling, ducted vacuum, alarm, internal access to the double lock up garage and a private backyard, which is perfect for entertaining. Located in walking distance to shops, transport and parks this near new townhouse has a builder’s warranty still remaining, so buy with confidence and move in and enjoy! * Open plan living * Heating, cooling & ducted vacuum * Double lock up garage * Builders Warranty * Approx. rental return of $450 per week Contact:
Dora Kambouris on 0408 114 403 or [email protected]
Auction:
Saturday 16th February @ 12noon
Would you like to receive our Weekly Market Update email? Click here to join our weekly email list where you will receive news of our new listings, current stock and up to date market information.
Keep in touch and up to date by following us on:
FREE PROPERTY APPRAISALS Starting January 2013 we will endeavour to inspect and provide a free market appraisal for every property we manage that becomes vacant during the year. We hope you will find these helpful for your insurance renewals or for tax time.
How Do We Choose The Best Tenant? We understand that one of the top priorities for property owners is that we choose the best tenant for the property who will pay rent on time and care for the property.
Some of our New Listings:
Depending on the time of year and the supply and demand of tenants we can often receive more than one application for the property. So how do we choose the best tenant when processing applications? Ability to pay rent To ascertain the tenant’s ability to pay the rent we look at the household’s net income. The general rule of affordability is the 30/70% rule. If the income is $1000pw the tenant/s should be able to afford $300pw in rent. Stability of employment This is important to review to determine the tenant’s ability to maintain the rent. If we receive multiple applications we would choose tenants who have secure employment (full-time) and who have been with the employer long-term compared to multiple 2-3 month positions. The best way to ensure the tenant will maintain the property is by checking previous rental references and whether they received a full bond refund at the end of the tenancy. Good previous record of tenancies Good long-term tenants are ideal. It will reduce the costs of tenancy turnovers (i.e. additional letting costs & advertising) and it will reduce the amount of wear and tear on the property. We want to where possible avoid tenants moving in and out every six months. A tenant who has a previous record of tenancy of 2-4 years will be better than several six-month renting periods. Ascertain whether pets are involved There are pros and cons to accepting pets. It can attract more tenant enquiries and a little higher rent. However, the downside is that there is a greater risk of wear and tear on the property. Are they of good character? It is important that we ensure that the tenant is going to work with us during the tenancy to make the management of the property as easy as possible. We have strategic interviewing techniques to determine what type of tenant they will be. Ascertain the number of people suitable for the property The number of people will have a direct impact on the wear and tear of a property. If we have multiple applications we do take this into consideration. As you can appreciate when we receive applications there may be strengths and weaknesses that we will be required to take into consideration. You can be confident that our focus is always to choose the best tenant for your property.
$475,000 2/5 Gillman St, Cheltenham
$495,000 13 Everest Dve, Cheltenham
Auction 16/02/13 @ 1pm 9 Hartwell Pl, Cheltenham
For Sale 13 Glenway Dve, Dingley Village
Top Security Tips Properties offering good security can offer extra appeal for both tenants and insurers—and improvements needn’t cost a fortune. Basic Security Having both window and door locks are a basic starting point and, in Western Australia, are soon to be compulsory as part of changes to the Residential Tenancies Act next year. Property managers could also provide tenants with a simple security tip sheet. Inexpensive additions - Padlocks for sheds, garages & garden gates to make it harder for burglars to break in. - Front door ‘peep holes’ so tenants can identify people knocking on the door. - Clear street numbers so emergency services (and pizza delivery vans) can find the home easily. - An additional bolt for the back door which can be locked when tenants leave via the front door. - “Beware the dog” signs & window stickers warning a property is protected by alarms might deter intruders—even if, in reality, there’s no dog and no alarm. Better Security - Solar-powered motion-sensitive security lighting can be installed without the need for expensive re-wiring. Sheer curtains prevent burglars from peeking inside to see what might be stolen. - Window & door security screens provide another barrier for burglars and make tenants feel confident to ‘air’ the house in hot weather. - Install an alarm system. These days, there’s a large selection—including wired and wireless, monitored and self-monitored—at a range of price points.
If you do not wish to receive these newsletters, please click here to unsubscribe
Ray White Cheltenham / Dingley Village
February 2013 Update
109 Centre Dandenong Rd Dingley Village Vic 3172 03 9551 3533 [email protected]
Investment Property of the month:
Rental Market Update The availability of rental homes continues to improve with a vacancy rate of 2.3 per cent being recorded in Melbourne and 2.6 per cent in Regional Victoria over the month of December last year. Within Melbourne the highest level of vacancies was in the middle suburbs where a rate of 2.9 per cent was recorded. This is well above the 2.3 per cent in November and 1.2 per cent a year ago. The inner suburbs and those along the Mornington Peninsula recorded a vacancy rate of 2.5 per cent whilst outer suburbs recorded a contraction to 1.3 per cent. The improved level of vacancies has not yet translated into lower rents being asked by landlords; however if the trend continues, as it is expected to, it will in time result in overall rents either stabilizing or reducing in nominal terms. REIV research indicates that they have generally fallen in real terms as the higher availability of rental homes has improved. It must be noted that there will be local areas and specific property types where there may still be a low level of vacancies. In regional Victoria the level of vacancies remained comparatively high in most regional centres. A vacancy rate of 3 per cent was recorded in both Geelong and Ballarat. In Shepparton and Warrnambool the rate was just above 4 per cent. The two exceptions to this were Bendigo and Wodonga where the vacancy rate was 0.8 per cent. The median rent for a house in Melbourne increased incrementally from $380 per week in November to $381 in December. In regional Victoria it was stable at $300. Source: REIV
23/65-67 Tootal Road, Dingley Village Style, Class and Contemporary Living Designed for today’s contemporary living, this spacious townhouse is more like a full sized home! Beautifully presented, this home features open plan living at its best! Downstairs features open plan living, dining and kitchen with stone benchtops and stainless steel appliances. The bonus with this townhouse is a spacious bedroom and bathroom downstairs, which is perfect for elderly guests! Upstairs features another living area and 2 bedrooms with robes as well as a central bathroom. Extras include heating, cooling, ducted vacuum, alarm, internal access to the double lock up garage and a private backyard, which is perfect for entertaining. Located in walking distance to shops, transport and parks this near new townhouse has a builder’s warranty still remaining, so buy with confidence and move in and enjoy! * Open plan living * Heating, cooling & ducted vacuum * Double lock up garage * Builders Warranty * Approx. rental return of $450 per week Contact:
Dora Kambouris on 0408 114 403 or [email protected]
Auction:
Saturday 16th February @ 12noon
Would you like to receive our Weekly Market Update email? Click here to join our weekly email list where you will receive news of our new listings, current stock and up to date market information.
Keep in touch and up to date by following us on:
FREE PROPERTY APPRAISALS Starting January 2013 we will endeavour to inspect and provide a free market appraisal for every property we manage that becomes vacant during the year. We hope you will find these helpful for your insurance renewals or for tax time.
How Do We Choose The Best Tenant? We understand that one of the top priorities for property owners is that we choose the best tenant for the property who will pay rent on time and care for the property.
Some of our New Listings:
Depending on the time of year and the supply and demand of tenants we can often receive more than one application for the property. So how do we choose the best tenant when processing applications? Ability to pay rent To ascertain the tenant’s ability to pay the rent we look at the household’s net income. The general rule of affordability is the 30/70% rule. If the income is $1000pw the tenant/s should be able to afford $300pw in rent. Stability of employment This is important to review to determine the tenant’s ability to maintain the rent. If we receive multiple applications we would choose tenants who have secure employment (full-time) and who have been with the employer long-term compared to multiple 2-3 month positions. The best way to ensure the tenant will maintain the property is by checking previous rental references and whether they received a full bond refund at the end of the tenancy. Good previous record of tenancies Good long-term tenants are ideal. It will reduce the costs of tenancy turnovers (i.e. additional letting costs & advertising) and it will reduce the amount of wear and tear on the property. We want to where possible avoid tenants moving in and out every six months. A tenant who has a previous record of tenancy of 2-4 years will be better than several six-month renting periods. Ascertain whether pets are involved There are pros and cons to accepting pets. It can attract more tenant enquiries and a little higher rent. However, the downside is that there is a greater risk of wear and tear on the property. Are they of good character? It is important that we ensure that the tenant is going to work with us during the tenancy to make the management of the property as easy as possible. We have strategic interviewing techniques to determine what type of tenant they will be. Ascertain the number of people suitable for the property The number of people will have a direct impact on the wear and tear of a property. If we have multiple applications we do take this into consideration. As you can appreciate when we receive applications there may be strengths and weaknesses that we will be required to take into consideration. You can be confident that our focus is always to choose the best tenant for your property.
$475,000 2/5 Gillman St, Cheltenham
$495,000 13 Everest Dve, Cheltenham
Auction 16/02/13 @ 1pm 9 Hartwell Pl, Cheltenham
For Sale 13 Glenway Dve, Dingley Village
Top Security Tips Properties offering good security can offer extra appeal for both tenants and insurers—and improvements needn’t cost a fortune. Basic Security Having both window and door locks are a basic starting point and, in Western Australia, are soon to be compulsory as part of changes to the Residential Tenancies Act next year. Property managers could also provide tenants with a simple security tip sheet. Inexpensive additions - Padlocks for sheds, garages & garden gates to make it harder for burglars to break in. - Front door ‘peep holes’ so tenants can identify people knocking on the door. - Clear street numbers so emergency services (and pizza delivery vans) can find the home easily. - An additional bolt for the back door which can be locked when tenants leave via the front door. - “Beware the dog” signs & window stickers warning a property is protected by alarms might deter intruders—even if, in reality, there’s no dog and no alarm. Better Security - Solar-powered motion-sensitive security lighting can be installed without the need for expensive re-wiring. Sheer curtains prevent burglars from peeking inside to see what might be stolen. - Window & door security screens provide another barrier for burglars and make tenants feel confident to ‘air’ the house in hot weather. - Install an alarm system. These days, there’s a large selection—including wired and wireless, monitored and self-monitored—at a range of price points.
If you do not wish to receive these newsletters, please click here to unsubscribe
Ray White Cheltenham / Dingley Village
