Rental Market Update
February - March 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.
It is now time to start preparing for the end of financial year (EOFY) for your investment property involves several tasks to ensure that you're maximizing your tax benefits and complying with relevant tax regulations. Here are some steps you can take to prepare for the EOFY:
1.Collect all receipts and invoices: Gather all invoices and receipts for expenses related to your investment property, such as repairs and maintenance, property management fees, and council rates.
2.Review your income and expenses: Review your rental income and expenses for the financial year to ensure that all transactions are recorded accurately, and you're claiming all eligible tax deductions.
3.Consider prepaying expenses: If you plan to incur expenses for your investment property in the coming year, you may be able to prepay them before the EOFY and claim them as tax deductions for the current financial year.
4.Assess your depreciation schedule: Review your depreciation schedule to ensure that you're claiming all eligible tax deductions for the depreciation of your investment property and its assets.
5.Seek professional advice: Consider seeking advice from a qualified tax professional to ensure that you're complying with relevant tax regulations and maximizing your tax benefits.
By taking these steps, you can ensure that you're wellprepared for the EOFY for your investment property, and you're taking advantage of all available tax benefits and deductions.
I can provide some common mistakes that property investors make when preparing for the end of the financial year (EOFY):
1.Failing to keep accurate records: One of the biggest mistakes that property investors make is not keeping accurate records of their expenses and income throughout the year. This can lead to errors when it comes to calculating tax liabilities and claiming deductions.
2. Not claiming all eligible deductions: Property investors should ensure that they are claiming all eligible deductions such as interest on loans, property management fees, repairs and maintenance costs, and depreciation.
3.Failing to review their investment strategy: Property investors should review their investment strategy at the end of each financial year to ensure that it is still aligned with their long-term goals.
4.Not seeking professional advice: Many property investors make the mistake of not seeking professional advice from an accountant or financial planner when it comes to tax planning and investment strategy.
5. Ignoring changes to tax laws: Tax laws can change from year to year, and property investors need to stay up-todate with any changes that may impact their tax liabilities and investment strategies.
6.Not keeping track of deadlines: Property investors need to be aware of all the deadlines associated with the end of the financial year, such as lodging tax returns and making superannuation contributions.
7. Failing to plan for the future: Property investors should use the end of the financial year as an opportunity to review their investment portfolio and plan for the future. This may involve setting new investment goals, assessing the performance of existing properties, and considering new investment opportunities.
In conclusion, property investors can avoid making mistakes when preparing for the end of the financial year by keeping accurate records, claiming all eligible deductions, reviewing their investment strategy, seeking professional advice, staying up-to-date with tax laws, keeping track of deadlines, and planning for the future.
Regards,
Dean O’Brien Director
February - March 2023 Review
obre.com.au Reasons to upsize and downsize this autumn Average seller discounts Melbourne In the last 12 months: Houses 3.6% / Units 4.0% *source Corelogic 36 Month price increase Houses 23.2% Units 7.7% *source Corelogic till 31/10/22 Tax free super contribution Use $300,000 from the sale of your home to place into super tax free and without it affecting your pension. *applicable to 55 years of age of over. Declined listed volumes New listings on market down 19.4% year on year. A contraction in supply upholds prices. *Source Corelogic 4 week period to 5 March Improved auction clearance rate February 2023 73.0% December 2022 68.5% *Source REIV Upsizers benefit more Selling to buy a higher value home maximises the price correction in your favour. Average cash rates Since 1990 the average is 4.60% Today it’s 3.60% Finance is still cheaper.
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Rental review
Rental providers/ property owners have chosen us Properties leased 81 103 Average median rent per week Average days on market $494 15 Renter enquiries Renter applications received 4,935 2,093 Property views 360 degree tours viewed 100,984 7,113 Leasing inspections conducted Vacancy rate 77 0.95 %
We lease more.
A snapshot of last months leases.
February - March 2023 Review
Price per week Price per month Address Suburb 5/2-4EdinburghDrive 17GlenislaWay 28CoolongAvenue 7ABowenCourt Unit9/6-8InnesCourt 37CaravanParade 18MarijaCrescent 1BennyPlace 28HazelnutBoulevard 50WilsonStreet 18DeakinCourt 63PositanoCircuit 18DukeStreet 10BoreeCourt 5/7-9ReserveStreet 1/5ReserveStreet 13SouhailCourt 9JasonClose 16PennyLane 39BellevueDrive 99GolfLinksRoad 10ColsonWay 7AprilClose 2HartvillePlace 6HartvillePlace 11CashelCourt 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 3 2 1 4 2 2 3 2 2 3 1 0 4 2 2 3 2 1 3 2 2 3 2 3 4 2 2 4 2 2 4 2 2 4 2 2 4 2 2 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 $420 $410 $430 $440 $470 $470 $550 $550 $560 $580 $600 $630 $550 $410 $420 $430 $450 $480 $480 $480 $500 $520 $525 $530 $530 $540 $1,825 $1,781 $1,868 $1,911 $2,042 $2,042 $2,389 $2,389 $2,433 $2,520 $2,607 $2,737 $2,389 $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
We lease more.
A snapshot of last months leases.
February - March 2023 Review
Price per week Price per month Address Suburb 1HartvillePlace Unit1/80InglisRoad 4ShannonWay 59MelvilleParkDrive 25LysanneCrescent 14CormorantClose 6SkuaCourt 47CreeksideStreet 35DarwiniaAvenue 13SaltbreezeCircuit 19PyreneesRoad 18ViewbrightRoad 43AthenaeumAvenue 25CortajallaAvenue 3PoplarLane 29AlpheyRoad 5PortobelloAvenue 18VioletWay 54SpringhillDrive 14CampbellParade 15SneadBoulevard 27MosseyCrescent 8MastertonPlace 15MercuryRoad 25MossmanDrive 12AnnabellaStreet Berwick Berwick Berwick Berwick Berwick BlindBight BlindBight Clyde Clyde Clyde Clyde ClydeNorth ClydeNorth ClydeNorth ClydeNorth ClydeNorth Clyde North Cranbourne Cranbourne Cranbourne Cranbourne CranbourneEast CranbourneEast CranbourneEast CranbourneEast CranbourneEast 4 3 2 4 2 2 4 2 2 5 2 2 4 2 2 3 1 0 4 2 2 3 2 2 4 2 2 3 2 2 3 2 2 4 2 2 4 2 2 4 2 1 3 2 2 4 2 2 3 2 2 3 2 2 3 2 2 3 1 2 4 2 2 4 2 2 3 2 2 4 2 2 3 1 1 4 2 2 $550 $550 $570 $600 $650 $550 $500 $440 $500 $465 $470 $545 $550 $450 $470 $540 $420 $465 $480 $450 $690 $470 $475 $500 $370 $470 $2,389 $2,389 $2,476 $2,607 $2,824 $2,389 $2,172 $1,911 $2,172 $2,020 $2,042 $2,368 $2,389 $1,955 $2,042 $2,346 $1,825 $2,020 $2,085 $1,955 $2,997 $2,042 $2,063 $2,172 $1,607 $2,042
We lease more.
A snapshot of last months leases.
February - March 2023 Review
Price per week Price per month Address Suburb 30BotanyWay 79BroadOakDrive 32CanmoreStreet 58RenlikCircuit 10/10MicklehamDrive 40MicklehamDrive 4KarlsonWay 14RebeccaCourt 9AldousPlace 3CareyStreet 13DalziellCrescent 14EpsomLane 48BellbraeCrescent Unit7/6-8LeonardStreet 84JacksonDrive 8CrossdaleRise 43HeathcoteDrive 3HazeldeanCourt 13KirkwoodCrescent 11 SunsetPlace 19aCraigRoad 33SybellaAvenue 7SilverWay 20WesternportRoad 13MurdochPlace 22SouthamptonDrive CranbourneEast CranbourneEast CranbourneEast CranbourneNorth CranbourneNorth CranbourneNorth CranbourneNorth CranbourneNorth CranbourneNorth CranbourneNorth CranbourneNorth CranbourneNorth CranbourneWest Dandenong Drouin EndeavourHills ForestHill HamptonPark HamptonPark Hampton park JunctionVillage KooWeeRup KooWeeRup LangLang Langwarrin Langwarrin 4 2 2 4 2 2 4 2 2 2 1 1 4 1 2 3 2 2 3 2 2 3 2 2 3 2 2 4 2 4 3 2 2 3 2 2 2 1 2 2 2 1 4 2 2 3 1 2 3 1 1 6 3 2 3 2 2 5 2 2 4 2 1 3 2 2 3 2 3 3 1 1 3 2 2 2 1 1 $480 $490 $550 $400 $420 $470 $470 $480 $500 $520 $465 $550 $450 $430 $460 $425 $440 $590 $430 $600 $480 $490 $550 $435 $550 $430 $2,085 $2,129 $2,389 $1,738 $1,825 $2,042 $2,042 $2,085 $2,172 $2,259 $2,020 $2,389 $1,955 $1,868 $1,998 $1,846 $1,911 $2,563 $1,868 $2,607 $2,085 $2,129 $2,389 $1,890 $2,389 $1,868
We lease more. A snapshot of last months leases.
February - March 2023 Review
Price per week Price per month Address Suburb 18ButternutDrive 68FleetwoodDrive 128KurrajongRoad 27GarryowenCrescent 14HighcliffCourt 23ErnestCrescent 10WoodburyCourt Unit9/13JoyParade 116/150PeelStreet 11AmpleAvenue 24FalkorRoad 76LeighDrive 12HarlesdenCircuit 9ExpeditionCircuit 14MountfordRise 16HighlandDrive 56BelmontCrescent 2HunterLane 13PortlandRoad 1/28KennedyRoad 19FieldStreet 2FinchCourt 33BelvedereDrive 80 Tooradin Station Road 10MaidenhairDrive Lyndhurst NarreWarren NarreWarren NarreWarren NarreWarrenSouth NarreWarrenSouth NarreWarrenSouth NoblePark NorthMelbourne Officer Officer Pakenham Pakenham Pakenham Pakenham Pakenham Pakenham Pakenham Pakenham Pakenham Pakenham Pakenham Pakenham Tooradin Warragul 3 2 2 3 2 2 3 2 1 3 2 1 4 2 2 4 2 2 2 1 2 2 1 1 2 1 1 3 2 1 4 2 2 4 1 2 3 2 2 3 2 2 4 2 2 4 2 2 3 2 1 4 2 2 3 2 2 3 2 2 4 2 2 3 1 2 4 2 2 3 1 2 4 2 2 $535 $400 $460 $445 $600 $600 $440 $275 $530 $440 $530 $420 $450 $470 $500 $650 $450 $480 $480 $340 $445 $480 $495 $750 $460 $2,324 $1,738 $1,998 $1,933 $2,607 $2,607 $1,911 $1,195 $2,302 $1,911 $2,302 $1,825 $1,955 $2,042 $2,172 $2,824 $1,955 $2,085 $2,085 $1,477 $1,933 $2,085 $2,150 $3,258 $1,998
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.
Bridget Daly
0488 224 161
Property Management Growth Specialist
Josh Barbut
0439 782 898
Property Management Growth Specialist
Rental Market Update
Our property management team Currently for lease Berwick Cranbourne Narre Warren Berwick97070556 56-58HighStreet berwick@obre.com.au Cranbourne59950500 CranbourneParkShoppingCentre FS005/125SGippslandHwy cranbourne@obre.com.au NarreWarren87940500 32OverlandDrive narrewarren@obre.com.au Rental Market Update
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