Property Management Winter Lull

As my favorite TV show would say “winter is coming” or more precisely winter is well and truly upon us. We are experiencing a very unseasonably tough rental market at the moment.

Normally we do experience seasonal fluctuations in the rental demand with the normal tenant demand around this time of year at its lowest, being the mid year and the winter period. This is mainly due to less motivation by tenants to move during this time, and it’s less likely for work transfers, and parents from other areas are less likely to disrupt their children’s schooling. The opposite is also the case as we see the rental market peak in the summer months mainly January, February and into March before or close to the new school year commencing and work transfers at its height.

So why are we experiencing an even tougher then usual rental market?

Well, it’s the double edge sword effect. We have had a very active sales market with many both in town and out of town investment buyers securing large quantities of property throughout the area to lease out. The problem is, we have had many of these sold properties transfer ownership over the past few months, effectively flooding the rental market with similar stock creating an unusual oversupply of rental properties. To demonstrate this tough market, we would usually expect for this time of the year to have around 60 houses available for lease throughout town. At present there are 110 homes currently available to lease. Almost double the rental homes. This oversupply, although we are not expecting to last long term, is causing rent to drop on the short term with many properties dropping by $20 per week on average to attract tenants. The obvious issue is vacant investment which won’t help pay the mortgage and continuing to advertise a property for lease at an above market rent will just ensure the property stays vacant for longer.

Another worrying trend we have noticed with brand new properties rented through particular agents working with development groups, they seem to be purposely leasing these properties well under what should be true market value for these properties. The reasons remain unclear but may be to lower the investment return for tax purposes or even to make them lease easier for the agency? Either way this has caused issues for brand new and near new rental properties, dragging the rents down and being leased slower than normal.

Our Advise

If you are looking to lease a new purchase or currently have your rental  property advertised for lease and not getting any results, contact our property management team on 6584 6400 for a no obligation assessment of the current market rent and advise if your agent is costing you money preventing your property from being leased.

Regards

Jason Partridge

0407 009 226
02 6584 6400

Port Macquarie Real Estate

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I have just purchased a property in East Port and am very happy with the service that I have received from Patterson Real Estate. They have been efficient, timely and courteous and I would recommend them to anyone wishing to sell or buy a property.

We cannot speak highly enough of Jason Partridge with regard to selling our block of land. Jason went far and beyond our expectations, liaising with builders to look at possible land and house packages to help with the sale of the land and alao assisting us with fencing legislation when a fence needed to be erected on one side of the property. Jason's friendly and helpful manner made selling the property a whole lot easier especially as we lived interstate. We highly recommend Jason!

Working with Jason from Patterson Real Estate was like a dream and I can't praise him highly enough. From the very first phone call I knew my villa was in good hands, and right up until the settlement of my property he was amazing. This was my first experience of selling a property and I was expecting a stressful experience. How wrong I was! Jason made the whole process easy, explaining it all as it unfolded and he took care of absolutely everything. He looked after my tenants, created amazing advertising both as fliers and on-line, and produced a property showcase booklet that was nothing short of beautiful. I can highly recommend him and if I ever sell again, I wouldn't want to work with anyone else.

Jason Partridge's communication and follow up during the sale of our house was excellent. He kept reassuring us that all would come together in the end, and it has. Thanks Jason!  Brian & Bev

I found Jason Partridge to be more than helpful both in the sale of our home and the purchase of our new place. He really went above and beyond our expectations. He got us more than we expected for our sale and without his help on our purchase property we would have probably missed out. He was always available and able to answer our questions and had great suggestions. I thoroughly recommend Jason and Patterson Real Estate to anyone buying or selling a property. Integrity and diligence are the hallmarks of this business.   Max & Karen

Following their invitation to have our family residence of some 30 years valued by Patterson Real Estate, my aged mother contacted the company accepting their offer for a no obligation valuation. My mother, after having had a complete hip replacement was already considering downsize; to live closer to family and had actually sighted a suitable property in Sydney. Under guidance of Patterson Real Estate Licensed Agent Sherryl Robinson, the property value was assessed and the mechanics of placing the property on the market were fully explained. The valuation advanced by Patterson Real Estate appeared to be quite reasonable considering the age of the property and its condition and if achieved under sale, the cost of changeover for my mother would be minimal. A number of interested buyers inspected our property prior to first open day – and even though open day was quite busy, one of the earlier buyers indicated interest and in a very short time, followed through with the purchase. Throughout the process of the selling of the property, Sherryl was always available for advice and assurance that things were going to fit our timetable for the purchase of the Sydney property. Even at rather busy times for her, Sherryl returned calls promptly and answered our queries without hesitation. At times, Sherryl called us, to see how much progress was being achieved in organising our move – not to hurry us up, but simply to give us a little encouragement and assurance that things were proceeding normally. We enjoyed the enthusiasm which Sherryl was able to share. It was a pleasure to work with someone who enjoyed and knew what she was doing. We would not hesitate to recommend Patterson Real Estate to anyone wishing to sell or purchase a property. Ina & Terrance Nilsson