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Overview:
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Quality properties continue to perform
The rental market continues to evolve, with vacancy rates increasing slightly across Melbourne. While Miles' vacancy rate remains below the Melbourne average, it's worth noting that a lot of renters are choosing to remain in their current homes for longer. For rental providers, this means presentation and proactive management are becoming increasingly important in attracting quality tenants and minimising vacancy periods.
- Melbourne vacancy rate rose from 2.5% to 2.6%.
- Miles' vacancy rate rose from 1.38% to 1.65%.
Demand remains strong for properties that are new or very well presented. Recent leasing campaigns have shown that presentation can have a significant impact on both tenant enquiry levels and rental returns. Strategic improvements through cosmetic updates and functionality enhancements continue to help rental providers maximise the appeal and performance of their investment properties.
Property highlights
Presentation played a key role in the success of 1/34 Devon Street, Eaglemont. This beautifully presented four-bedroom, three-bathroom townhouse attracted strong interest from the moment it came to market.
With the support of Miles Concierge, 25 Thomson Drive, Rosanna underwent a carefully planned three-week refresh before being offered for lease. The strategic improvements delivered an outstanding result, increasing the rental return by $300 per week.
Property management expertise across Melbourne's north
Our property management expertise extends well beyond Banyule, with the Diamond Valley, Clifton Hill and North Fitzroy proving particularly popular in recent years. Our team understands the unique dynamics of these local markets and how to position properties to attract quality tenants and achieve the best possible outcome.
Staying ahead of compliance changes
Rental legislation and compliance requirements continue to evolve, making it important for rental providers to stay informed. Recent changes include the Portable Rental Bond Scheme and the incoming energy efficiency standards. Our team is here to help you understand these new requirements, and ensure you and your property are protected.
Making the most of the current market
The rental market remains active, however, achieving the best outcome increasingly comes down to preparation, presentation and expert management. Whether you have a property becoming available, are looking to streamline your portfolio or would like a fresh perspective on your investment, our team can help you make informed decisions and maximise your property's potential.
