2019 has seen a clear shift in the vacancy rates within Jellis Craig Country, with the number of vacant properties being higher to what has been the norm in recent years. These vacancies are being filled it is just taking marginally longer in some instances. For example, a property that historically may have been relet in a matter of days may now take two to three weeks. It is difficult to pinpoint the reason for this however, this scenario does arise from time to time and certainly the cold and seemingly long winter we have experienced does create a level of reluctance to move house. Interestingly the REIV reported vacancy rate for Regional Victoria is also marginally up, recorded as 1.4% for the month of July whereas, in May it was 1.2%.
The amendments from the Residential Tenancies Amendment Bill 2018 will come into effect 2020. Being part of the Jellis Craig network of offices, a series of training sessions regarding this legislation is being conducted through the course of this year. Ensuring the team of Nichola Coultish, Wendy Chalmers, Michelle Ozanne and Sarah Barclay are well placed to understand and manage these changes.
If you would like to discuss how you could maximise your rental return call Nichola Coultish on 5427 2800.