Rental Market News Aug 28 – Sept 4

Jason Mudford General Manager OBrien Real Estate

“Spring brings new beginnings, renewal and awakenings”

Hi Guys, it’s Jason Mudford from OBrien Real Estate with another edition of the Property News for 2020 where real estate information is on the house.

After last week’s reporting of rental eviction moratorium extension until the 31 of December, it looks like the rental market has been re-birthed with the news.

Yes, of course spring brings with it new beginnings and people move more than ever during the season. However, the
combination of the government’s ruling, coming out of stage 4 restrictions post 14 September, shortage of rental properties outside of CBD Melbourne and the warmer weather is seeing multiple rental applications on properties.

With the Premier’s impending announcement on Sunday we expect to see real estate agencies to be able to conduct one on one physical inspections. Although we believe virtual inspections will also be offered and has been successful for the market.

Corelogic this week reported Melbourne home values recorded another 1.2% drop in values for August following the same drop in July. The good news is you’ll see outside of Melbourne all the major capital cities experienced an easing in the declines compared to previous month.

The rolling 12 month price growth in Melbourne is still up 5.9% with total investor returns still at 9.5%.

In other news for the week The Reserve Bank as expected this week kept interest rates on hold.

Last week we reported the support packages available to both renters and rental providers, like the revised Rental Relief Grants, the Commercial Landlord Hardship Fund the Land Tax reductions. If you have any questions or need some help to access or to apply for the support please don’t hesitate to call our office.

OBrien Real Estate last Thursday night featured it’s Live Company Awards, the virtual ceremony was not how we usually celebrate our people in our group, however the night was an uplifting experience with 300 people streaming the broadcast, the night featured 39 award categories with overall 200 people acknowledged for their good deeds and their job performance. Thank you to all our customers and corporate partners that makes all this possible and of course to our people, ultimately you are all
make up what is most valuable to us and that’s family.

And finally, to all the dads out there, Happy Father’s day for this Sunday, we hope you have a great day.

That’s all for this week, I’m Jason Mudford and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.

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