The Real Estate Institute of Victoria has released their research bulletin for April. The residential property vacancy rate in the Greater Bendigo Region fell to 0.6, while median rents on houses rose to $370.00 per week. This data confirms what we are experiencing in our market; a shortage in available properties, continued strong demand and hot competition amongst renters.
Changes to rental laws (Residential Tenancies Act) came into effect on 29 March 2021. The law changes expand the rights and responsibilities of renters and rental providers (landlords) and are designed to make renting in Victoria fairer and safer. If you have any questions of these changes please reach out to our team.
Recent interest in the commercial property market in Bendigo has been very strong, with demand outstripping supply across a number of asset classes. Out of area investors have been very active, most of whom looking for good returns with capital gain potential and driving a number of off market transactions and tightening of yields occurring in recent months. Supply of industrial properties remains very tight and demand for quality office accommodation has risen in recent months.
In this month’s newsletter we are pleased to provide an overview of properties which may be suitable for investors. If you are considering a new investment property please contact any of our listed agents to guide you through the process.
If you would like to know more about our property management services, including how easy it is to transfer management please contact our team.