July 20, 2022
Property Management

Property Management Market Update

News & Insights
Six months on from lockdowns, the Property Management sector is continuing to feel the pinch of the pandemic...

Increased financial pressures have seen many investors leaving the market, and due to immigration and international students not yet returning to pre-pandemic levels, there has been no upward trend in demand. Added to this, the compliancy laws that have come into play have further impacted the amount of quality properties available to lease.

However, despite the intense media spotlight on rapidly growing rents and an increasingly tight rental market, Marshall White Property Management team members have experienced something quite different over the first half of the year.

According to Boroondara Leasing Manager, Felicity Edwards, she has seen just gradual increases for some properties in the lower to mid-range markets, basically recouping the drop in rents experienced during the pandemic.

Business Development Manager, Ross Crouch, agrees, saying that the unit and apartment market is slowly improving after a difficult couple of years.

First-time Renters, students and workers are coming back into the inner city, and with these Renters occupying the properties, the supply of apartments is not as high as it was during the lockdown years.  This is turn means prices are slowly increasing to pre-covid numbers, but that this will take some time.

 

 

Overall, there are a lot of apartment/units available for Renters which is quite different to the premium market which is seeing a lack of supply of quality homes.

In the premium family home market, the demand is good due to diminished supply as executive expats return to take up residence of their homes.

However, all markets remain price sensitive and rent increases in line with interest rate rises and other increased costs are largely unsupported.

Throughout the pandemic the rental market has remained seasonally consistent with most Renter demand occurring during the summer months. We expect Renter activity to improve as we move out of winter and into the warmer months.

In this current, highly competitive market it is important for owners to ensure their properties meet all compliancy standards and are professionally marketed and presented to stand out from the crowd.

 

 

Should you require advice on any aspect of leasing your property, contact our Marshall White Property Management Team for assistance on (03) 9822 8711.

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