Wollongong/Illawarra Property Management Market Update
Hi I'm Karen. Welcome to another Property Management update for October.
Recently highlighted in the media is the term vacancy rate. Vacancy rate simply means properties vacant at a point of given time.
During September Illawarra's vacancy rate is 1.1%. First National Wollongong vacancy rate is 0.9% which means our properties remained on the market for fewer days than the rest of the month. The market still indicates that a well-presented priced property leased first.
This also brings the importance of fixed term leases. When your property manager calls take into consideration that fixed term lease reduces vacancy rates and ensures security of income. Even selling makes properties more attractive to investors. Your property manager will discuss these things and will be calling about leasing.
Next month I'll touch on landlord insurance. Until then bye for now.