FEBRUARY 2023 NEWSLETTER
A WORD FROM OUR SALES MANAGER
After a tough end to 2022 where we witnessed property prices come off the peak from earlier in the year and time on market increase significantly, the good news is 2023 has started with considerable more movement and optimism. Consistent monthly interest rate rises and increases in cost of living expenses were contributing significantly to the confidence of the average buyer, not to mention land sales grinding to a halt due to inflated prices, cost of materials sky rocketing and a shortage of available builders. Prices around the Greater City of Bendigo decreased, with drops of anywhere between 5% up to 10% in some areas, proving tough for vendors and also buyers to get a gauge on actual true value.
The months of January and particularly February have seen a steadying of the landscape as we transition back to an average market and consumer confidence is building once again. There is room for optimism, and talking to buyers on the ground level combined with the level of enquiry and activity in general, there should be more and more movement as the year progresses. Listing volumes are also at a very healthy level for our office, with February proving to be particularly fruitful.
The general consensus is that interest rates will steady from here, and at the very least, rises wont be as constant as they have been for the past 10 months straight. This will obviously assist with buyers and sellers now being able to budget what they can actually afford under the “new normal” set by the steadying rates, meaning both demographics can approach the market with less trepidation. A settling of property prices in the area should also help with buyer and vendor confidence, hopefully leading to less time on market with fair and reasonable value for both parties being reached quicker.
For investors, minimum standards legislation has now been fully implemented across the board which is proving to be a learning curve for those wishing to purchase an investment property. It is important to educate yourself on the legislation surrounding minimum standards and your obligations, as it can impact on your initial outlay to ensure the property is compliant. The agent you deal with should be across this legislation, so be mindful to ask questions when you are inspecting property to be able to make informed decisions and receive the correct advice. Please feel free to contact any of our sales or rental team anytime, we would be more than pleased to set you on the right path with buying an investment property.
Looking forward to a more buoyant period ahead for the Bendigo market
WHAT SHOULD YOUR PROPERTY CONDITON REPORT LOOK LIKE?
Property condition reports are an important part of keeping accurate records about your investment properties. These reports are important, while allowing for fair wear and tear, it provides all parties with a record of the property’s condition to make property maintenance and dispute resolution more straightforward. This article outlines what should be included in your property condition report to ensure it covers everything.
START WITH THE ENTRY CONDITION REPORT
An entry condition report should include the working condition of all appliances, water and electricity connections, lighting, doors, windows, and other parts of the property. Any existing damage should be noted so it’s clear that the new tenants did not cause it. This may include things such as marks and dents on walls, carpet, kitchen benches and other surfaces. Once the rental provider or property manager has completed the entry condition report, the renter will then need to complete the document by comparing the condition of the property when they move in to the rental providers or property manager’s notes on the entry condition report.
When new renter move into a property, they have five days to complete and return the entry condition report. And if there are discrepancies between the property manager’s report and the comments made by the renters, the property manager will meet with the renters to resolve any issues.
It is best to try to work together to sort out any disagreements about the condition report. However, if the renter or rental provider thinks that the condition report is wrong or incomplete, either can apply to VCAT to make a decision. They must do this within 30 days of the start of the rental agreement.
COMPLETE AN EXIT CONDTION REPORT AT THE END OF EACH TENNACNY AGREEMENT
As the name implies, the exit condition report is completed when the renter vacates the rental property. The exit condition report compares the property's condition at the end of the tenancy agreement to when the renter moved in. Any new damage that hasn’t been documented on the entry condition report is deemed damage that happened in the most recent tenancy.
ITEMS TO INCLUDE IN PROPERTY CONDITION REPORTS
It’s important to be thorough in property condition reports by following a list of all items to check room by room. Your property condition report should include a space to check and comment on the condition of all surfaces, fixtures and fittings. This is done most efficiently by splitting the report into rooms, including the property entry, loungeroom and living areas, kitchen, bedrooms, ensuite bathrooms, toilet, laundry, and outdoor areas. Other general items that should be included are smoke alarms, security systems, electrical safety switches, hot water systems, locks, remotes, and storage rooms or cages. Here at PH Property we use the latest technology to ensure the most detailed report for our rental providers. We use 360 degree cameras to capture every room, click on link to view the camera in action. 360 degree camera
ECC CENTRE STATE SCAFFOLDING GOLF DAY
Brad had a blast in the Eaglehawk Cricket Club State Scaffolding Golf Day. We are proud to sponsor such a reputable club and extend our gratitude to the other businesses that contributed to the success of the event on the day!
BENDIGO TRIATHLON CLUB SPONSORS DAY
The Bendigo Triathlon Club Sponsors Day was an extremely fun and well-organized experience. We were honoured to be a part of it and would highly recommend it to anyone looking to challenge themselves physically. If you're seeking an opportunity to test your fitness, we encourage you to sign up and give it your best effort. Check the comments below for footage from the day
VINTAGE BIKE RIDE FUNDRAISER
Congratulations Brad for organising such a successful event. Just over $1500 raised for a very good cause - what a great turn out
BIRTHDAYS
