Property Management Market Update by Karen May 2017
Hello, I'm Karen Simpson and today I'm bringing your May market wrap from our beautiful harbour in Wollongong. There has been a strong growth in the Illawarra residential market for a number of years in all property types and locations. Wollongong is in the midst of a construction boom in particular new unit construction is at an all-time high. Record low interest rates, stable employment and improving infrastructure create the demand and investors appear to be able to borrow more to create the transactions.
First National Wollongong has conducted 47 open inspections we've had 358 enquiries and we've had 115 prospective tenants through our properties. We've received 28 applications and we've leased 12 properties. Our average rent is $435 and our days vacant from market is 3.1 days. Just a reminder that our end of financial year is fast approaching if you are interested in requiring a tax depreciation done in your property please contact your property manager so this can be done before the end of financial year. So until next time bye for now.