Rental Market Update
January-February 2023 Review.
Our purpose
To create a place where we can facilitate our people’s growth.
Our values
Family.
Our colleagues are our broader family, assist when needed and when in need.
Mutuality. Respect our colleagues and our clients as you would like to be respected.
Realising potential. Unlock your full potential, encourage and support your colleagues.
Embrace change. Strive for excellence; be open minded and willing to embrace change.
Health and energy. Work towards being well balanced within yourself.
From our corporate director
Dean O’Brien.
As we navigate the challenges and uncertainties of the current economic climate, we wanted to provide you with some insights and advice on how to manage your investment properties in the coming months.
First and foremost, it is important to stay up to date with any legislative changes or new regulations that may affect your rental properties. This includes understanding your obligations as a landlord, such as maintaining the safety and health of your tenants, ensuring that your properties are up to code and with the end of March being the final chance to ensure your property is safe. If you are uncertain whether your property has had all the safety checks completed, please reach out to your property manager immediately.
The following are some of the safety checks that may be conducted during a residential tenancy safety check in Victoria:
1.Smoke alarms: Smoke alarms must be installed in all rental properties, and they must be working properly. The landlord or property manager is responsible for ensuring that smoke alarms are installed and mainta1.Smoke alarms: Smoke alarms must be installed in all rental properties, and they must be working properly. The landlord or property manager is responsible for ensuring that smoke alarms are installed and maintained in good working order.
2.Electrical safety: The electrical system in the rental property must be safe and compliant with the Australian Standards. This includes ensuring that all electrical appliances, power outlets, switches and lighting fixtures are installed and maintained in good working order.
3. Gas safety: If the rental property has gas appliances or a gas supply, the gas system must be safe and compliant with the Australian Standards. This includes ensuring that gas appliances are installed and maintained in good working order, and that gas leaks are detected and repaired as soon as possible.
4.Pool and spa safety: If the rental property has a pool or spa, it must be compliant with the Victorian Building Authority's pool and spa safety regulations. This includes ensuring that the pool or spa is enclosed by a compliant safety barrier, and that the barrier is maintained in good working order.
5.Asbestos safety: If the rental property was built before 1990, it may contain asbestos. Asbestos can be harmful if it is disturbed or damaged, so it is important to identify and manage any asbestos-containing materials in the rental property.
6.Window safety: Windows must be safe and comply with Australian Standards. This includes ensuring that windows can be locked securely, and that any window openings that are more than two metres above ground level have appropriate safety barriers in place.
It is important for landlords and property managers to conduct regular safety checks in rental properties to ensure the safety of their tenants. The Victorian Government provides further information and resources on residential tenancy safety checks on their Consumer Affairs Victoria website.
At O’Brien Real Estate, we are committed to helping our clients achieve their investment goals through expert property management services. If you have any questions or would like to discuss your investment property, please don't hesitate to contact us.
Regards,
Dean O’Brien Director
January-February 2023 review
Rental review
Rental providers/ property owners have chosen us Properties leased 60 102 Average median rent per week Average days on market $500 16 Renter enquiries Renter applications received 4,943 1,810 Property views 360 degree tours viewed 108,910 8,428 Leasing inspections conducted Vacancy rate 160 0.91 %
We lease more.
A snapshot of last months leases.
January-February 2023 review
Suburb Price perweek Price permonth Address 5/2-4EdinburghDrive 10HamptonCourt 33IcebergRoad 424RixRoad 10BoreeCourt 5/7-9ReserveStreet 1/5ReserveStreet 13SouhailCourt 9JasonClose 16PennyLane 39BellevueDrive 99GolfLinksRoad 10ColsonWay 7AprilClose 2HartvillePlace 6HartvillePlace 11CashelCourt 1HartvillePlace Unit1/80InglisRoad 4ShannonWay 59MelvilleParkDrive 25LysanneCrescent 3BellevueDrive 32AshfieldDrive 4IrvingClose 4PatriciaCourt 6TurellaClose 51BemersydeDrive 91EarlsfieldDrive Unit1/13MarynClose 2JannaPlace 1JeuneGrove 228CarnivalBoulevard 6TheodoreTerrace 9PinewoodCrescent Beaconsfield Beaconsfield Beaconsfield Beaconsfield Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick 3 2 1 4 2 6 5 3 2 4 2 1 3 2 1 3 2 1 3 1 2 4 2 0 4 2 1 3 2 1 3 2 6 3 2 2 4 2 2 3 2 2 4 3 2 4 3 2 4 2 2 4 3 2 4 2 2 4 2 2 5 2 2 4 2 2 3 2 1 4 2 2 4 2 2 3 1 2 4 2 1 4 2 2 4 2 2 3 1 1 2 1 1 4 2 2 3 2 2 3 2 3 3 2 6 $420 $630 $550 $470 $410 $420 $430 $450 $480 $480 $480 $500 $520 $525 $530 $530 $540 $550 $550 $570 $600 $650 $460 $530 $590 $450 $520 $500 $540 $390 $360 $540 $485 $480 $490 $1,825 $2,737 $2,389 $2,042 $1,781 $1,825 $1,868 $1,955 $2,085 $2,085 $2,085 $2,172 $2,259 $2,281 $2,302 $2,302 $2,346 $2,389 $2,389 $2,476 $2,607 $2,824 $1,998 $2,302 $2,563 $1,955 $2,259 $2,172 $2,346 $1,694 $1,564 $2,346 $2,107 $2,085 $2,129
We lease more.
A snapshot of last months leases.
January-February 2023 review
Suburb Price perweek Price permonth Address 6SkuaCourt 13SaltbreezeCircuit 19PyreneesRoad 52CultivationCircuit 31KeskadaleDrive 25CortajallaAvenue 3PoplarLane 29AlpheyRoad 6HydeAvenue 16AbundanceCircle 45TuckerRoad 48GlenelgStreet 5Portobello Avenue 14CampbellParade 15SneadBoulevard 9RussellStreet 41AFairbairnRoad 25MossmanDrive 12AnnabellaStreet 30BotanyWay 79BroadOakDrive 32CanmoreStreet 11ArtfieldStreet 13GoulburnStreet 13DalziellCrescent 14EpsomLane 42RenlikCourt 10DiosmaCourt 182AlismaBoulevard 17WilkieaCrescent 10NooratPlace 6ValegroLane 26BoutiqueLane 16MichaeliaClose Unit7/6-8LeonardStreet BlindBight Clyde Clyde Clyde Clyde ClydeNorth ClydeNorth ClydeNorth ClydeNorth ClydeNorth ClydeNorth ClydeNorth Clyde North Cranbourne Cranbourne Cranbourne Cranbourne CranbourneEast CranbourneEast CranbourneEast CranbourneEast CranbourneEast CranbourneEast CranbourneEast CranbourneNorth CranbourneNorth CranbourneNorth CranbourneNorth CranbourneNorth CranbourneNorth CranbourneNorth CranbourneSouth CranbourneWest CranbourneWest Dandenong 4 2 2 3 2 2 3 2 2 4 2 2 4 2 2 4 2 1 3 2 2 4 2 2 4 2 2 4 2 2 4 1 4 4 2 2 3 2 1 3 1 2 4 2 2 3 1 1 3 1 1 3 1 1 4 2 2 4 2 2 4 2 2 4 2 2 3 2 1 4 2 2 3 2 2 3 2 2 2 1 1 3 1 2 4 2 2 3 2 2 3 2 2 4 2 2 2 1 1 4 2 2 2 2 1 $500 $465 $470 $550 $450 $450 $470 $540 $600 $520 $680 $550 $440 $450 $690 $395 $390 $370 $470 $480 $490 $550 $430 $520 $465 $550 $400 $440 $530 $450 $480 $650 $420 $550 $430 $2,172 $2,020 $2,042 $2,389 $1,955 $1,955 $2,042 $2,346 $2,607 $2,259 $2,954 $2,389 $1,911 $1,955 $2,997 $1,716 $1,694 $1,607 $2,042 $2,085 $2,129 $2,389 $1,868 $2,259 $2,020 $2,389 $1,738 $1,911 $2,302 $1,955 $2,085 $2,824 $1,825 $2,389 $1,868
We lease more.
A snapshot of last months leases.
January-February 2023 review
Suburb Price perweek Price permonth Address Unit103/80CheltenhamRoad 8CrossdaleRise 59CrossdaleRise 43HeathcoteDrive 2/66-68HighStreet Unit319/16ClydeStreetMall 13KirkwoodCrescent 134WaranaDrive 11 SunsetPlace 19aCraigRoad 33SybellaAvenue 7SilverWay 20WesternportRoad 9SanctuaryRise 34BrowtopRoad 12MahonCrescent 1RosemontDrive 114MarambaDrive 34AbeckettRoad 10WoodburyCourt 10WoodburyCourt 2LennonCourt Unit9/13JoyParade 116/150PeelStreet 11AmpleAvenue 24FalkorRoad 14MillicentParade 11AmpleAvenue 1/28KennedyRoad 19FieldStreet 2FinchCourt 33BelvedereDrive 124BlueHorizonsWay 80 Tooradin Station Road 3WarneetRoad Dandenong EndeavourHills EndeavourHills ForestHill Frankston Frankston HamptonPark HamptonPark Hampton park JunctionVillage KooWeeRup KooWeeRup LangLang NarreWarren NarreWarren NarreWarren NarreWarren NarreWarren NarreWarrenNorth NarreWarrenSouth NarreWarrenSouth NarreWarrenSouth NoblePark NorthMelbourne Officer Officer Officer Officer Pakenham Pakenham Pakenham Pakenham Pakenham Tooradin Warneet 2 1 1 3 1 2 3 1 2 3 1 1 2 1 1 2 2 1 3 2 2 3 1 1 5 2 2 4 2 1 3 2 2 3 2 3 3 1 1 3 2 2 4 2 2 3 1 1 3 1 2 4 2 2 3 2 4 2 1 2 2 1 1 4 2 2 2 1 1 2 1 1 3 2 1 4 2 2 4 2 2 3 2 1 3 2 2 4 2 2 3 1 2 4 2 2 4 2 2 3 1 2 2 1 2 $360 $425 $430 $440 $420 $370 $430 $380 $600 $480 $490 $550 $435 $410 $550 $430 $410 $460 $570 $440 $440 $500 $275 $530 $440 $530 $500 $440 $340 $445 $480 $495 $480 $750 $450 $1,564 $1,846 $1,868 $1,911 $1,825 $1,607 $1,868 $1,651 $2,607 $2,085 $2,129 $2,389 $1,890 $1,781 $2,389 $1,868 $1,781 $1,998 $2,476 $1,911 $1,911 $2,172 $1,195 $2,302 $1,911 $2,302 $2,172 $1,911 $1,477 $1,933 $2,085 $2,150 $2,085 $3,258 $1,955
5 reasons why OBrien
Reason #1
Access to more renters.
Inter-office promotion and selling increasing your property’s exposure. Latest prospective renter database.
Reason #2
Experience, integrity and knowledge.
Local area specialists, highly skilled and trained property managers across all offices.
Reason #3
Faster leasing time.
Our low days on market can translate into marketing savings. Less time on market ensures you receive the best possible price.
Reason #4
Constant improvement.
All property managers receive specialist industry training and have regular meetings.
Reason #5
Specialised marketing.
Professional photography and lease boards, utilising Australia’s premier real estate websites.
Rental Market Update Rachael Davidson 0458 307 440 Property Management Growth Specialist Bridget Daly 0488 224 161 Property Management Growth Specialist Josh Barbut 0439 782 898 Property Management Growth Specialist
January-February2023review Our property management team Currently for lease Berwick Cranbourne Narre Warren Berwick 9707 0556 56-58 High Street berwick@obre.com.au Cranbourne 5995 0500 Cranbourne Park Shopping Centre FS005/125 S Gippsland Hwy cranbourne@obre.com.au Narre Warren 8794 0500 32 Overland Drive narrewarren@obre.com.au
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