Rental Market News Sept 11 – Sept 18

Jason Mudford General Manager OBrien Real Estate

“Never be afraid to ask the question”

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.

There has been some confusion with some real estate agencies within Victoria wondering if renters in Victoria can legally sign new leases and move house? I can confirm they can and even if they hadn’t arranged it prior to stage four kicking in pre the 6th of August. Tenants Victoria state these rights for renters weren’t restricted to just people experiencing family violence or at immediate risk of homelessness. The website confirms under stage four restrictions, tenants can provide notice to vacate, and engage removalists and other services related to ending and commencing a lease.

It’s that time of the year again where all property owners receive their rates and valuation notices for the coming year. Surprisingly councils have decided to not freeze any rate increases and are forging ahead with the 2.5% cap increase that was determined on 31 December last year. In many cases, individual rates bill may increase or decrease by more (or less) than the 2.5% cap amount. Ratepayers have the opportunity to object to the valuation placed on their property which ultimately determines most of the increase. Over the valuation period of 1 January, 2019 to 1 Jan 2020 most suburbs across Melbourne have flat lined in growth. As a service to property owners, you can call upon your local real estate to assess and assist you with price data in your suburb to ensure your increase is in line with the market increase which can help you if you decide to object to the valuation placed on your property. With people having a little more time on their side people are asking questions more than ever, and that’s great news because those that ask will generally receive. You’ll either receive a yes, a no or a maybe. We all know the old saying nothing ventured nothing gained. And I urge you to ask your insurance company, ask you electricity and gas supplier, ask you bank and ask your council. The cost to win a new customer costs 10 times more than to keep one.

With many stay-at-home Aussies across Metro Melbourne, we believe people are showing a strong desire to change their housing requirements. We have all noticed that our streets, neighbourhoods and front gardens are looking the best they ever have. And, we believe it is not just because people have more time to do so. We believe it’s because people are making change during the pandemic and we expect Australia to follow a similar pandemic-induced trend as in the US, where people are increasingly moving out of apartments and into single storey family homes and into lifestyle and regional property. It is also expected that businesses based in and around central Melbourne will also look to move out and into the suburbs.

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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