REIV reveals Melbourne’s median property price at $559,000

Melbourne’s median house price rose nearly $500 a day to hit a record high of $559,000 in the June quarter.

The 8.5 per cent rise since the March quarter pushes the home ownership dream further out of reach of many young buyers, Real Institute of Victoria figures show.

The new median is up from $515,000 in the March quarter and represents a jump of $3385 a week, or $484 a day.

Buyers’ advocate Ian James, of JPP Buyer Advocates, said it was virtually impossible for young people to save as fast as property prices were rising.


The Government’s immigration policies had created unprecedented demand for properties and were forcing buyers to look farther from the city to find a home they could afford, he said. 

Tenants Union of Victoria

The Tenants Union of Victoria aims to inform and educate tenants about their rights, to improve the status and conditions of tenants and to represent and speak for the collective interests of tenants in law and policy making.

The Tenants Union of Victoria provides advice, assistance and advocacy for tenants of private and public residential properties and residents of rooming houses and caravan parks in Victoria, Australia.

Publications include:

Applying for a private rental property

Bonds

Claiming compensation

Goods left behind

Notices to vacate 

Rent increases

Starting a tenancy

The landlord is selling

Other information available:

Advice Guides

Checklists

Rooming House Information

Renting for the First Time

Student Housing Information

Legislation

Visit The Tenants Union of Victoria at http://www.tuv.org.au/homepage.aspx if you have questions about your tenancy.

For more information visit us at TRUE TENANT.

Tips for Tenants

Know your rights when you rent a house or apartment

1. Bring your paperwork
The best way to win over a prospective landlord is to be prepared. To get a competitive edge over other applicants, bring the following when you meet the landlord: a completed rental application; written references from landlords, employers, and colleagues; and a current payslip or letter from your employer stating income.

2. Review the lease
Carefully review all of the conditions of the tenancy before you sign on the dotted line. Your lease or rental agreement may contain a provision that you find unacceptable -- for example, restrictions on guests, pets, design alterations, or running a home business. Talk to your property management consultant if you have any concerns.


3. Get everything in writing
To avoid disputes or misunderstandings with your landlord, get everything in writing. Keep copies of any correspondence and follow up an oral agreement with a letter, setting out your understandings. For example, if you ask your landlord to make repairs, put your request in writing and keep a copy for yourself. If the landlord agrees orally, send a letter confirming this.

What is Property Management?

If you own any sort of property, be it residential or business related, you will need someone to manage it. The question you are probably asking is how professional management can help you?

So, what is property management? It's the managing, or handling, of real estate property by someone other than the owner. Most often, it is handled by a management firm that might handle more than one client's real estate properties.

It goes without saying that quality is a big issue with this service. A good management firm will act as a go-between for the real estate owner and the tenants, handling any questions and complaints that the tenants might have so that the owner is not forced to deal directly with them. This kind of service can include doing many different things, from collecting rent to hiring groundskeepers and repair people. They can keep an eye on repairs that need to be done, and suggest improvements on the property to the real estate owner.

Property managers can also be essential in keeping an eye on your property - making sure that no one is vandalizing your real estate, and taking care of problem tenants as well. The actions that manger may have to take can include eviction, as well as involving the authorities, tasks that a real estate investor may not want to have to do. They can also be used as arbitrators between tenants, when disputes arise that are not severe enough to involve the police or other authorities.

When done well, property management is the answer to a lot of issues that real estate investors might face. The management team can do the hands on work while the investors reap the profits.

Visit us for more information on how a Property Management company can assist you with your rental property.

Finding the Right Rental Property

From the first decision to invest in real estate to actually buying your first rental property, there is a lot of work to be done. This task may be daunting for the first-time investor. Owning property is a tough business and the field is peppered with land mines that can obliterate your returns.

Following are some ways to minimise risk and assist you in finding the right property for you;

Neighbourhood
The quality of the neighbourhood in which you buy will influence both the types of tenant you attract and how often you face vacancies. For example, if you buy in a neighbourhood near a university, the chances are that your pool of potential tenants will be mainly made up of students and that you will face vacancies on a fairly regular basis (during summer, when students tend to return back home). 

A Good Tenant is a Good Investment

Good tenants are easy to ignore - until they tell you they are moving out. Why are they leaving? Well, it might be because you ignored them. And when tenants plan to move, it's very, very difficult to get them to change their minds.

While you may not be deliberately ignoring these gems, the truth is that you spend so much time working on your not-so-good ones; cajoling them to clean up their acts or planning to evict them that you may not be aware of the tenants who suffer in silence, before deciding to move on.

It's vitally important that you retain your good tenants, not only because they make your investment more pleasant, but because they are so hard to replace. Once that unit is vacant, you may not re-rent it for months, and you have no idea how the next tenant will turn out. He could be just bad enough to make your life really difficult, or so bad that he only lasts for a month or two before eviction.

A Property Management Company For My Rental Property?

Having invested in a rental property, the maintenance and running of your property can quickly become overwhelming. The logical solution for many landlords is to hire a property management company to oversee their rental property. Here are some points to consider when making the decision on whether to run your rental yourself or to hire a property management company.

1. Where is your rental property located? If you have purchased a rental property near your home or place of business, you'll be able to keep an eye on the property. However, if your rental property is far away, you'll be loath to travel to it to deal with the inevitable problems that arise. If you're unable to check on the property on a regular basis and handle any issues that may arise, finding a local property management company can mitigate these concerns.
2. Do you have experience in running a rental property? If this is your first investment property you could find yourself out of your depth. Collecting rent can be a stressful and frustrating event. If you are not familiar with rent collection, you may quickly find that your tenants are taking advantage of your inexperience.