Property Management Newsletter
RLA 150557
August 2020
The Home Buyer ‘Must-Haves’ Post-COVID-19
The South Australian Locations Where Homeowners Are Holding Onto Their Houses Longest
A crystal ball would be required to predict what life will be like after COVID-19 but when it comes to what home buyers want in a post-pandemic world, patterns are beginning to emerge.
It’s right next to the beach and boasts good schools and great shopping – that’s why North Brighton homeowners are clinging to their houses longer than those in any other South Australian suburb or town.
New keyword search data from realestate.com.au shows a significant jump in nine (9) work-from-home-related property features during the pandemic – illustrating that home buyers are preparing for a future involving more time in the nest.
Latest realestate.com.au data shows property owners in the seaside suburb are turning over their houses every 16.3 years on average.
Nationally, outdoor space was front of mind for house hunters between April and June this year, with the keyword search for ‘outdoor’ showing a 41% increase compared to pre-pandemic times (January-March 2020). The large increase in searches for outdoor areas is likely due to people looking for more space after being cooped up during lockdown. Of the 9 work-from-home-related keyword searches, the desire to have a home gym and broadband connection ranked equal second between April and June (37% increase), closely followed by balconies (+36%) and studies (+31%), while gardens were in slightly less demand (+22%) but still experienced a bump in searches during the pandemic. Interestingly, the keyword search data showed a decrease nationally in demand for studios (-22%) and granny flats (-2%), which is attributed to a move away from short-term holiday rentals during the pandemic. Courtyards also saw less demand with a drop of -3% across the country.
Full story on www.realestate.com.au July 2020
The suburb’s location near the beach, quality schooling and proximity to Westfield Marion attracts people to the area – and makes them want to stay. An affordable price tag is another factor - you can still get more basic homes on a reasonable block for between $600,000 and $650,000. Second on the list of tightly held suburbs is Fulham, where houses are kept for 15.2 years on average. Homeowners in Malvern, Sefton Park, Glenelg South, Highgate and Maslin Beach stay put for just over 14 years on average. LONGEST HELD SUBURBS (Suburb - median house price, average hold period) North Brighton – $695,000, 16.3 years Fulham – $757,000, 15.2 years Malvern – $1,173,500, 14.9 years Sefton Park – $606,000, 14.7 years Glenelg South – $1.05 million, 14.6 years Highgate – $865,000, 14.2 years Maslin Beach – $467,750, 14.1 years Port Augusta – $142,500, 13.9 years Unley Park – $1.316 million, 13.7 years Glen Osmond – $972,500, 13.5 years Source: realestate.com.au July 2020
Pets in properties: Purr-fect or barking mad?
More es erti Prop ted Wan
MORE PROPERTIES WANTED
We are always looking for new clients and rental properties. If you know anyone seeking a Property Manager or looking to change agents please let us know and refer our details, we’d love to help them. We will also reward you with a voucher from a store of your choice, or free management to the value of $200 for a successful referral.
Australia certainly stands out as an animal loving nation with some of the highest rates of pet ownership in the world. With around onethird of all households renting, what are the pros of a pet-friendly investment property? A 2019 survey found that 5.9 million households own a pet, and for those that don’t, over half would like to. When asked what barriers prevent pet ownership, the main response was a lack of suitable housing. As tenants, pet owners are often willing to pay a little more and lock in longer leases to secure a home for themselves and their fur-babies. Yet only 10% of rental properties currently allow tenants to keep pets, leaving a significant gap in the market. Nowadays, it is not uncommon to ask for a ‘pet resume’ which can be used to help ease concerns. Complete with photos, details of the pet’s size and breed, the resume acts as a reference check, providing landlords a sense of certainty when it comes to approving tenant requests for a four-legged friend. As social attitudes are changing, so are the laws that outline the rights and responsibilities of landlords, property managers and tenants. Some states have taken the lead and updated tenancy laws to allow for more open and honest communication about renting with pets.
Expert tips: Five Things To Never Do When Renovating 1. Don’t take your eye off the pre-renovation value One of the biggest regrets any home owner can have after a renovation is realising you’ve put more money into it than you’ll make back when it comes to selling. So be sure to get a realistic figure by monitoring the value. That way you can create a realistic budget for your renovation and be sure you’re not spending too much. 2. Don’t underestimate power points It’s not until you don’t have enough power points in a space that you realise just how many plug-in items you really use. 3. Avoid delaying window coverings Anyone in the process of costing up window coverings for the first time is probably quickly discovering just how expensive they can be. It’s not because they come with an inflated mark-up. It’s simply the cost of time, labour and materials but for some reason, we tend not to give these things the value they deserve. The best thing you can do is build the cost of curtains or blinds into the cost of the build. 4. Don’t second-guess your aesthetic The only person you should answer to in your own home design and decorating is yourself.
Victoria rolled out new laws in 2020 which give tenants the right to own a pet, the landlord must not reasonably refuse, and if they wish to dispute must obtain an official order through the Tribunal. Northern Territory has adopted a similar approach and tenants have the right to keep a pet by notifying their landlord in writing. The landlord must prove they will suffer hardship or the community is at risk in order to challenge. The ACT put their laws in place in 2019 which prohibits the exclusion of pets being written into leases. Queensland also introduced laws in 2019 where owners must provide reasonable grounds for denying a pet.
5. Never underestimate the value of a lighting plan Most renovators give thought to what their lights will look like but very little thought to a lighting plan. Give yourself more options just by making sure your electrician cables for options at rough-in even if you choose not to take them up at fit-off. Hot tip: make sure all your lights are dimmable so that you can adjust your lighting to your needs and desires.
In South Australia pet agreements are required for any lease that allows pets, to lay out clear ground rules for property maintenance and management. Landlords still have a choice…for now. Pet bonds are illegal in all states except Western Australia.
Update - Routine Inspections
It is our professional recommendation to consider pets, as around 7 out of 10 households own a pet of some kind. A no pet policy seriously discounts your chances of securing a good quality tenant at premium price. In our experience when damage is caused it’s usually by the adults or children, very rarely by pets and if there is damage it can be claimed on the bond, or through landlord insurance, if you have a policy that covers pets. Original Article sourced www.rentcover.com.au July 2020
Article sourced realestate.com.au July 2020 written by an expert interior stylist
Good news! The temporary legislation introduced by the South Australian Government during the height of the pandemic has been lifted. Well at least the section pertaining to routine inspections has and they are allowed! We are now conducting routine inspections back on-site and in person.
Gary J Smith Real Estate Property Management 403 Marion Road, Plympton SA | (08) 8297 9323
Note: The articles contained within this newsletter are intended as information and opinions only and readers should not rely solely on its content. Whilst every endeavor is made to ensure the content is current and accurate, readers should always seek their own independent professional advice before making decisions. If your property is listed or managed by another agent, please disregard this communication. | RLA 150557