By this time of any year we’re ready for a fresh start, that takes on a whole new meaning after the year 2020 has been.
It kicked off with Bushfires, Storms & floods then Coronavirus.
We have had new Residential Tenancy Legislation and the ongoing need for many updates to legislation due to COVID-19. The Moratorium on evictions came in along with the Commercial code of conduct and other measures that have been put in place. There has been a lot going on and a lot to keep up with.
On top of this, we’ve seen high Rental Vacancy rates in the Inner Sydney Metro areas, something that I’ve never experienced in my time. A year of negotiating and compromising for all of us.
These last 2 – 3 months I feel like I’m only just starting to get into some kind of a routine when it comes to working in a different rental market. The main shift has been that prospective tenants have been out in force lately so properties are leasing quicker than earlier on in the middle of the year. People are seeing value in moving to larger or simply better properties that offer more in good locations and that’s driving most relocations. The fact that properties are leasing quicker is definitely positive where earlier in the year people were mostly staying put, I feel that’s a sign of consumer confidence coming back after some uncertain times.
I’m also noticing that the Inner suburbs are really starting to open up, foot and vehicle traffic around Surry Hills & Redfern are almost back to pre COVID levels and people are loving the feel of these areas seeming as they’ve picked up a lot of weekdays whilst the CBD itself is noticeably quieter. I suspect these signs of life during the week are driven by the many people that work from home in these areas getting out and about or finding more time to. In any case, that and warming weather is really bringing confidence into the rental market recently.
As we all know, we have a long way to go when awaiting a significant uplift when it comes to the economy. Some suburbs are really feeling it when it comes to demand from University students& international travelers. Areas like Mascot & Kingsford have higher vacancy rates than most and we still have so much available in Furnished Properties.
As for 2020 in Property Management, I’ll be honest, it’s been nightmarish at times. There’s been the need to carry out evictions, debt recovery & sadly the passing of a very long-term tenant of mine. We’ve had wins and losses but overall, I have to say The Management Agency got through unscathed and larger than it was when the year began, significantly. Considering the hardship that many others have experienced in 2020 it’s been tough to complain when we’ve had consistent demand and a workload.
2020. It’s been tough, it’s been super stressful. Let 2021 be nothing but an improvement on what has been.
Next year I’ll be bringing you more Need to know legislation updates, tips & of course New Properties to the market 🙂
Thank you for being along for the ride of us and I wish you all the very best for the New Year ahead!
Antonio Mesiti is the Principal & Property Manager at The Management Agency, a local Property Management specialist offering a one on one and end to end service for his Property Investor clients. For more information visit; https://themanagementagency.com.au/about/
The Management Agency will be closed for a much-needed break from 19/12/2020 and returning to work on 5/1/2021, Antonio