We are fast approaching the end of another year with the festive season of Joy and Celebration only weeks away. Christmas is a time of reflection on the central message of love, forgiveness and giving; to enjoy all the festivities that the season brings with our families and loved ones. It is also a time to remember those of us for which Christmas is not a happy time and those who are less fortunate. I would encourage you all to give a little to the many charities and fantastic organisations out there, whose role in helping those in need is even more important this time of year.
This year has been one of the most tumultuous and unpredictable in recent times, in terms of the property market and industry overall with the New Year bringing even more uncertainty. Melbourne has experienced a widespread retraction in property prices which, I believe, has been the result of the culmination of unsustainable growth, credit being increasingly difficult to obtain and slow wage growth over past years. The correction we are seeing in the housing market is a reflection of these conditions finally being felt by the wider population.
I can certainly understand the uncertainty you are all feeling. This is not helped by the mixed messages put out by the media and alarmist reporting. What is apparent from the information that we have, is that we can expect housing prices to remain sluggish until, at least, the end of next year. The hope is that continual migration and inflation will eventually work through the market pushing it back up.
Another big change which will directly affect each and every one of you is the ‘Rent Fair’ changes to the Residential Tenancies Act legislated by the Victorian Government. These amendments to the Act have brought a raft of new changes regarding how landlords and property managers can deal with things like pets in rental properties, giving notices to vacate to tenants, dealing with repairs and maintenance just to name a few.
We are still yet to receive the majority of the information regarding these changes from Consumer Affairs as well as dates for which these amendments will take effect. We have attached an article with summary of some of the changes for your information and we will continue to update you as more comes to light.
Like every year, I want to again express my gratitude for the support you continue to give us. Our office is made up of a team of passionate individuals dedicated to ensuring the best outcomes for you. Our sales department has gone from strength to strength with fantastic results despite the doom and gloom with a 95 per cent success rate in 2018.
As always, if you are ever in the local area, please do not hesitate to drop in and say hello, come in and have a coffee with us. We would love to see you!
On behalf of our team here at Ham Kerr Property, I want to wish you and your family a very Merry Christmas, filled with happiness, joy and love.