RELM Report December Quarter
Posted on 12 February, 2024 in Buying Property, Investment, Landlord, Portfolio, Property Management, Tips
HOT off the press and ready for viewing. This quarter has been eagerly awaited given the burst of activity in the market towards the end of last year. Whilst the volume of sales increased, that was not reflected in the prices actually achieved seeing the median sales prices stay or drop.
There has been many changes made to our industry with new legislation taking effect on the 2nd of January. In my opinion, it is a cut and past piece that has not taken into account, once again, the uniqueness of our Territory and does not provide a balance in fairness. This in turn, again in my opinion, has seen a much larger turn over of landlords leaving our market despite the yields being achieved. This then places extra strain on the number of available properties and the supply and demand changes swinging the pendulum to a landlords market for those that stay. Whilst our industry peak body continues to try and converse with a Government who appears to not want to listen, our market will continue to see Landlords who have been doing it tough in the last few years (or more in some cases) leave our rental market.
Lets hope in what is an Election year, the Government take a good look at some incentive programs to help entice people to reinvest back into our beloved Territory. That there is some relief on the horizon for those hoping to get into the property market and that they listen to those in the industry and look at bringing back some fairness for tenants and landlords alike.