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NOVEMBER 2023 NEWSLETTER

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A WORD FROM OUR SALES MANAGER 

Another month has gone by and 2023 is coming to an end, with a cautious sense of optimism out there amongst the general public and a more positive outlook from those in the know of what’s to come in real estate for 2024! The month of November was yet again impacted by the Reserve Bank’s decision to increase interest rates (the 13th rise in 19 months), putting more pressure on mortgage holders and sapping the confidence out of buyers once again.

 

The over-supply of stock listed for sale is causing headaches for buyers attending opens of a weekend, with so many to visit in a limited time frame. Despite this, numbers at open for inspections for the month remained steady, especially for new listings but the majority of attendees were only passively looking to buy at this stage with so much uncertainty around. We have also met many potential buyers that are impacted by the need to sell their existing property first before purchasing a new one, meaning there is a real log jam in the market as a result. Once property starts to sell at more regular intervals and we free up a few of these buyers to be able to purchase, we should start seeing a rather stagnant market start to stimulate a lot more activity.

 

The average time that a property spends on market continues to be inflated, however prices are remaining steady and property is generally being sold at or within the expected price ranges regardless of the time spent on market. This is a good sign for both buyers and sellers heading into the new year that they can enter into the market with some reasonable confidence that there is some stability ahead.

 

 

There are some beautiful homes and some fantastic properties for sale out there at the moment and we hope to see you out there at some stage over the month of December. As our December report will come out in early January, on behalf of all of us here at PH Property, we would like wish everyone a safe, happy and festive Christmas and New Year. All the best to you and your families

 

A BLOG FROM OUR RENTAL MANAGER/DIRECTOR

THREE WAYS TO MAKE MORE MONEY FROM YOUR INVESTMENT PROPERTY

A quality investment property in a great location sets the foundations for success when you’re a rental provider. Not only will your property lease faster than less desirable properties, but the capital growth can also make for a nice nest egg in the future. In the meantime, there are a few things you can do to make more money from your investment property. Below, we outline three things you can do to maximise the money you make.

 

Review rental prices regularly

Rental prices aren’t static. When the time comes, such as the end of a renter’s lease, ensure you and your property manager assess whether there’s room to raise the rent you charge. Of course, the key here is being mindful of the market and not increasing the price so much that you end up with a long vacancy period. To make sure the rent you charge hits the balance between being competitive in the market and helping you derive the most value from your property, check what similar properties in your suburb are charging each week. This exercise gives you an idea of what’s good value in your area and whether you are over or undercharging. And if you’re considering increasing the rent when you offer a renter the opportunity to renew their lease, make sure you give them plenty of notice and abide by the Residential Tenancy Act. Your property manager will be able to help you with this to make sure everyone is happy and everything is above board.

 

Keep your property updated

Refreshing your investment property doesn’t need to be expensive. Simple updates such as a fresh coat of paint or tidying up the lawns and gardens can help make a positive first impression on quality renters. If other items such as appliances are starting to see better days, consider updating these too. While it’s an upfront investment to update appliances, it can help you attract better quality renters, and it’s a tax deduction too. To minimise the time that you’re out of pocket for things such as spending on new appliances, consider making these purchases at the end of the financial year.

 

Be prepared for tax time year-round

You can maximise the value of spending on your property at tax time by keeping thorough records of expenses year-round. These records might include a depreciation schedule, documenting your interest expenses, invoices and receipts for all costs incurred for capital works, and receipts for deductions. Owning an investment property is a great way to build wealth and generate cash flow. By being mindful of what you’re charging for rent, keeping your property fresh and updated, and maintaining detailed records, you can maximise the money you make from your property. If you’re looking for ways to make more money from your property, talk to your property manager to see if any of the options above are suitable for your situation and if they have any other ideas that will work for you.

MOVEMBER

A big thank you to all those who contributed! Special recognition to Brad for an outstanding achievement - covering 150km on a bike, running 13km, swimming 10km, and raising an impressive $527. Kudos to Simon for raising $100, and Jackson for walking an additional 62km

BIGGEST EVER BLOKES LUNCH

What a terrific day - more than 400 participants and a total of $175,000 raised! A huge shout-out to our Director, Brad, and to everyone else who dedicated significant time and effort to ensure the night was a resounding success. The event is an annual event and raises awareness of prostate cancer and men’s health in general.

FAREWELL PAYNTON AND SHANE

 

Shane is headed to Melbourne for a fresh start in the city, while Paynton is dedicating her efforts into the community sector. Both Shane and Paynton have made a huge impact here at PH Property and we wish them both all the best on their next adventures!

WELCOME MOLLY PONTELL

We are thrilled to introduce Molly to the team and look forward to clients, both past and present, getting to know Molly as she begins her career in real estate. Born and raised in Bendigo, Molly has a genuine passion for the local area. Prior to starting her career in real estate, she worked in hospitality and radiology where patients and customers were always her main focus. Molly prides herself to ensure all stakeholders needs are met. She has always had a strong passion for real estate and with dedication and hard work, Molly’s goal is to become a licenced sales agent. In her spare time, she enjoys going places with friends and family, going to the gym, and taking her dog Banjo for a walk.

NOVEMBER BIRTHDAYS