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Advice , Finance , Market Wrap

What a busy 6 months it’s been!

With some uncertainty and negative press late last year, we were delighted to see 2019 start off with bang!  The market was so hot in January to March we had tenants competing strongly for available homes due to low stock levels. Four in five properties were receiving offers above the advertised asking price, such as 7/313 Dandenong Road, Prahran achieving $400 per week (advertised at $380pw), and many were leasing within 7 days like 22 Errol Street, Prahran.

Naturally, with a few interruptions between mid-April and the end of June including Easter, the election and now school holidays it was expected that moving deeper into Winter we were going to see a seasonal drop in activity from tenants. However our Property Management team have stuck to a few key principles – Persistence, looking outside of the box and the fact that we are a solutions first Agency.

A couple of examples of this are-

35 Claremont Avenue, Malvern – A beautiful Victorian home undergoing renovations. After 7 private, off market, one on one inspections the home leased for $1450pw.

2/525 High Street, Prahran - A unique ground floor apartment in the new Goldfields development, achieving a record price of $760pw, $35 above asking price. No days vacant.

4/537 Orrong Road, Armadale - After receiving 8 unsuitable applications, we introduced virtual furniture into the photos to give the property greater presence and prestige to appeal to a higher profile of tenant.  Subsequently at the very next open home the property leased to a professional couple with extensive rental history.

These results show that there is still plenty of opportunity in our Winter marketplace to achieve great results with fantastic tenants.

We’d love to chat with you regarding your upcoming plans!

Sohail Foryabee
Business Development Manager
0429 207 831
sforyabee@hockingstuart.com.au