Watch and Act
Wednesday 19 Sep 2018
There is some movement taking place in the market right now that warrants some reaction. Our team anticipated it might happen and have been working to identify strategies that will continue to deliver the right results regardless. So let’s talk about vacancy rates.
The latest official figures for August 2018 show that vacancy rates across Sydney have increased in the last month and have been trending higher for the majority of this year to now sit at 3.0%.
To view that figure in context the Sydney metropolitan vacancy rate was sitting at just over 2.0% for the last quarter of last year. We aren’t talking about a massive swing but with the figures released this week identifying a rise of 0.2% since July it is a trend worth talking about.
Our Property Management team are always monitoring the market so we can be the eyes, ears and experts on behalf of our landlords and provide comprehensive analysis of demand and positioning for their property. Our team focus not only on our own portfolio of managements, but those across Sydney.
Obviously it is important for landlords to acknowledge they might need to adjust expectations on realistic rental returns. At the same time in order to minimise vacancy rates our team of Property Managers may recommend investing in a property presentation ‘refresh’.
The aim of our team is to minimise vacancy whilst securing the best possible rental return, but it is always a delicate balance. Being proactive can be crucial. Our team have the experience to plan and execute a property refresh with military precision in order to achieve that delicate balance. As a result our team have been able to maintain their average days vacant at just 13.7.
Landlords may have to consider making some hard decisions about the best way to react to the market but they can do so in the knowledge that their Morton Property Manager has been watching, reviewing and planning carefully to help ensure they make the right decisions.
There is no doubt it is getting tougher out there but Morton prides itself on our reputation for striving for, and achieving, excellence. We are always looking for ways to improve our service and results for clients. It’s why we enter industry awards every year and this year are proudly finalists in six different categories of the REINSW Awards for Excellence across sales, administration, business and as Residential Property Management Team of the year.
We enter as a way to review our systems, growth and delivery for our clients and the professional development of our team. We also enter awards to demonstrate consistency to our clients. If year-on-year we are being recognised as industry best then we must be doing it right.
The awards will be announced next week and you can be sure if we are successful I’ll let you know! Watch this space!