APRIL 2023
A WORD FROM SALES MANAGER
The month of April was quite significant in that it was the first time in 10 months that the RBA decided not to increase the cash rate, meaning interest rates remained stable for the time being. This had an immediate impact on the local market, with the volume of activity and raw numbers out and about at open for inspections increasing significantly for the month, which was a welcome sight! Listings remained steady for the month and thanks to the increased activity, time on market was reduced from what we have been used to in recent times. Buyer confidence seems to be creeping back as the word on the street filters through that there may not be too many more rate rises to come. This allows house hunters to approach their potential purchase knowing what they can afford without having to stay ahead of pre approvals due to the continually changing financial landscape. Land sales have remained quiet, albeit there was one new subdivision of larger allotments (McIvor Heights, Junortoun) that bucked that trend when released off the plan, selling four blocks for the month at an average of $500,000 per allotment. House prices in the area have remained steady, and certainly appear to have stabilised after the slight decrease at the end of last year/beginning of this year. We had some particularly good results in the suburbs of Strathdale and Marong on the back of some really high numbers inspecting properties in both areas. One particular brand new Murray Wearne built family home in Marong fetched a record price of $960,000 for a residential home in the township (not on acreage), which was a super result for the area! All in all, our office have continued to navigate through an ever changing landscape, evolving wherever and whenever necessary to help our clients realise their property goals. Just remember, if you want an honest and experienced point of view about the local market, our team is always willing to assist at any time. Our rental team have have had a solid month, with April producing some great results for both our rental providers and renters alike! There were 7 properties leased from a total of 112 applications and 263 enquiries, with our office vacancy rate currently sitting at 0%. Here’s to a great May for Bendigo in general!
A BLOG FROM OUR RENTAL MANAGER/DIRECTOR
WHAT HAPPENS IF RENTERS DAMAGE YOUR PROPERTY WHEN THEY MOVE OUT?
The day is here — your tenants are moving out, new renters are secured, and your property manager is getting ready to do the exit inspection and release the renter’s bond payment. Everything’s going smoothly until your tenant damages the property as they’re moving out. Unfortunately, accidents like this happen. Bulky furniture must make its way down narrow hallways, and front doors become a tight squeeze. If your property manager has maintained open communication with the tenants, making repairs is relatively straightforward. Keep reading to learn what to do if your tenant damages your property when they move out.
MAKE SURE DAMAGE IS DOCUMENTED IN WRITING
The exit condition report should note any property damage (outside fair wear and tear) in writing. This provides documentation to make it clear that the tenant caused the damage. Further, your property manager should also call the tenants to discuss the damage if the tenant didn’t get on the front foot and report it. After the call, sending an email summarising what was discussed, and the next steps is essential. The objective here is not only having thorough documentation, but if the matter can’t be settled directly with the tenant and ends up at an administrative tribunal, it provides evidence to support your claim.
ORGANISE REPAIR QUOTES AND CHOOSE A TRADESPERSON
Your property manager should liaise with the tenant to discuss the damage and how it will be repaired. At this point, the tenant may opt to organise their own quotes and repair works. Payment for this option will often come out of the renter’s own pocket. Alternatively, your property manager can make all the arrangements, and the payment can be deducted from the tenant’s bond, provided this complies with the relevant residential tenancy legislation in your jurisdiction.
INSPECT THE REPAIRS
Once the repairs are complete, your property manager should inspect the work to ensure it’s completed thoroughly and won’t cause any other subsequent problems at the property. Again, documentation is key. Your property manager should take photos of the repairs, make notes in the exit condition report that the repairs were completed, and notify the tenant in writing that the damage is repaired and the matter is settled. Of course, as the landlord, you have a right to inspect the property and make sure the repairs are up to your standards.
Accidents are a normal part of life, but it doesn’t make the prospect of damage to your property any less frustrating. Your property manager should always keep communication open with your renters, especially at the end of the lease. If any damage occurs, the most important things to do are document what happened in writing, organise repair quotes, choose a tradesperson, and inspect the completed work to ensure it’s of a high standard. In most cases, renters take good care of a property, and any damage caused upon moving out can be resolved with clear communication and payment from the tenant.
ANZAC DAY
A magnificent effort to all of those who participated and helped man the stand on Williamson Street - what a great result. The Bendigo Pie Shop was also a terrific help, the support was greatly appreciated. A big thanks to all the real estate agencies that lent their time to help out:
MARCH DIGNITY DRIVE
During the month of March, PH Property served as a drop-off location for Share the Dignity. A big thankyou goes out to those who donated, both within and outside of our office. A great effort for a great cause.
APRIL BIRTHDAYS
