How to maximise rental returns in the west
Rental returns in the Wyndham region keep growing steadily. Largely, because so many families choose to live here thanks to the west’s affordability, great schools, access to the city and lots of space for kids to play.
Rental return statistics
According to SQM Research, in the 3030 postcode, vacancy rates have fallen from 3.5% to 0.9% in the last two years. It is clear that demand is growing faster than rental supply in Point Cook. At the same time rents have been rising steadily. See the graph and data table below for most of the recent rental rate statistics:
Source: SQM Research May 2023
With the right marketing approach, a four-bedroom family home will lease for around $450 a week, though some smaller homes sit at around $370. The more luxurious 5 to 6 bedroom homes or waterfront properties, in exclusive estates such as Sanctuary Lakes, can achieve rents in excess of $800 a week.
Waterside suburbs will always be popular with tenants. They offer such a wonderful lifestyle. Sanctuary Lakes estate, in particular, generally has a limited amount of rental properties from which to choose. This is great for rental providers with properties in well sought after estates or suburbs.
In short, the market is strong and steady. The latest interest rises have definitely increased the value of properties with demand being higher than supply. Suburbs in Melbourne’s west definitely offer reliable returns for property investors. Having said that, it’s always worth looking at how you can maximise your rental returns.
Must-haves for your rental property
Here are some of the ways Established Property can help you get the most out of your rental property.
1. We advise on home presentation
When we assess a property for a potential tenancy, we will always advise on how best to present it. We flag repairs or maintenance that need to be carried out in advance of letting people view the home.
We also advise on simple ways to boost its “rentability.” This may involve light refurbishments or renovations, a fresh coat of paint or flooring, or simply improving the home’s street appeal.
2. We keep a maintenance plan
We have a wide pool of reliable tradespeople to look after our portfolio of investment properties. They charge us very reasonable rates, due to the high volume of work we send their way. Properties that we manage are inspected regularly to ensure that small, easy to fix problems don’t become large and expensive ones over time.
3. We minimise vacancy times
One of the best ways to maximise your rental is to ensure that its vacancy rate is low. Here at Established Property, we are known as one of the area’s longest-running property management agencies. As such, we find it easy to match great tenants to rental properties in a short period of time.
We have a high ratio of staff to properties. As well as two prominent storefront locations that attract plenty of spontaneous walk-in customers. Potential tenants can easily contact us for an opportunity to view the property at a convenient time.
In addition to advertising in-store and on our website, we advertise rental properties across the main real estate websites. These factors all reduce days on the market, boosting your rental income.
4. We keep in contact with tenants
Our rental providers will always be our first priority. But we also know that happy tenants tend to stay longer in their rental home, which helps a home remain profitable. So, we ensure our team communicates with tenants regularly and deal with any queries promptly. We also review rents periodically to ensure that they are fair and in line with market trends.
When signing up tenants, we look at both their rental and employment history. This ensure they are reliable occupants for your property. We also produce condition reports with photographs and ensure that all paperwork, contracts and rent renewals are up to date at all times. Contracts are vital for the validity of your rental provider insurance. Plus, they ensure you have an element of control as to when your property will come up for lease again. We have invested in the latest property management technology. Rental providers and tenant portals provide you with live data, updates and relevant information about your property. So you can sit back, relax, and let us maximise your rental returns.
Talk to us
No other real estate team has been in the Sanctuary Lakes and Point Cook are as long as Established Property. Our rental team is first class, striving to go over and above the call of duty at all times. We continue to evolve in conjunction with the area’s expansion and welcome many more new residents.
If you have an investment property and would like to find out about our services, call us – because nobody knows the area like we do!
