FROM VITALE & CO PROPERTY MANAGEMENT SERVICES
Current record-equalling low vacancy rates are a testament to the desirability of working and living in the thriving bayside suburbs and adjoining municipalities.
Over the last twelve months or so, we at Vitale & Co. Property Management Services, have witnessed first-hand a constant flood of inquiries and associated leasing activity that has seen vacancy rates drop to as low as 0.4% in the suburbs of Manly, Manly West and Lota, and 0.5% in Wynnum, Wynnum West in the June 2021 quarter.
Coinciding with this we are also experiencing unprecedented levels of enquiries coming from both interstate and international sources. It seems like everyone wants a slice of our perfect pocket of paradise!
Another recent phenomenon has been the increase in the numbers of prospective tenants attending open for inspections (OFIs). It has not been uncommon to have well in excess of 10 groups in attendance at these events (when Covid19 restrictions are not in force), often resulting in multiple applications being forwarded for sought after properties.
Local investors are also reaping the rewards of a hot local property market with some owners opting to sell their property assets at a particularly buoyant time in the property value cycle. This has also served to put additional pressure on an already strained residential leasing market with the resultant reduction in available stock levels driving up average rental rates in localised areas. Interestingly, some tenants have responded to these prevailing market conditions by requesting longer periods between lease renewals in order to give them extra security and longer-term stability.
Whilst there will always be a waiting list for well-maintained properties located close to the water, we are now also seeing high demand for rentals with an extra bedroom or utility room capable of being converted to a study or home office to cater for the working from home employment option. Families moving into the area are often quite selective in regard to their residential location relative to school catchment boundaries and are also keen on having easy access to road/rail transport and local amenities and facilities.
Ultimately, whilst residential rentals are currently in strong demand, there will always be opportunities to move into our magnificent bayside community. We at Vitale & Co. Property Management Services can help you secure a rental property that will hopefully tick most of your wish-list boxes. Our strong recommendation is to do your research and continue to keep your finger on the pulse. But most importantly in this current climate, if you see a property you are interested in renting…act immediately.
If you require a rental appraisal or any advice relating to current market conditions and predictions for future trends within our localised area, then simply give us a call. Contact: Tammy Vitale (principal/owner) on 0407 000 153.