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Rental Market Update

By Tamara Lloyd
The rental market has been making the news over the last few months, as many areas in Australia see increased demand for rental properties. Our area has been no different. The last quarter has seen a continuation of extremely high demand for rental properties in and around the city of Maroondah. In fact, according to an article in Domain, 9 out of 10 homes are being leased after the first open home.
In our office alone we leased 19 properties in January, 18 in February and a whopping 27 and 24 in March and April respectively. To keep up with this competitive and fast-moving market we’ve seen an increase in potential renters offering more money in the hope of securing a property over other applicants. If you have a property that you’ve been considering leasing out, now is the time to get it on the market. You can contact us for a rental appraisal below.
This strong market means that vacancy rates are extremely low; in particular, Maroondah has the lowest vacancy rate in Victoria of 0.6%. Our vacancy rate for properties managed here at Ray White Croydon was just 0.14% in March 2022 – the lowest we’ve ever had! Tenants are staying put for fear of not being able to find another property to rent or buy.
The next few months looks to be a busy and exciting time in the market. With the election looming there are sure to be some nerves and likely a few ups and downs but overall it’s a great time to be an investor in the rental market. So if you’ve been considering getting your property on the market or purchasing an investment property, now’s the time to take action.
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