Vacancy rates in Melbourne’s rental market are usually very tight, often sitting below the national baseline. And thanks to soaring demand and a severe undersupply across Victoria, and the rest of the country, the national vacancy rate is exceptionally low today by historical standards. SQM Research reports Melbourne’s vacancy rate at 1.5%. By comparison, the
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In the first month of this Spring season, we saw the highest number of new listings come onto the market. This has given buyers more choice and as expected led to softening auction clearance rates. As usual, new listing volumes will hit a seasonal peak in November, before tapering off in the weeks leading up
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The number of Australian suburbs with a $1 million median price for either houses or apartments has reached a new record high. Over the 12 months to 31 August, 218 more suburbs surpassed a $1 million median for houses or apartments. Australia now has 1,257 suburbs with a median house value at or above $1
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As part of our ongoing service for clients it is important to consistently review the current risks factors for commercial property insurance. Whilst tobacco outlets have come under intense scrutiny recently, there are other occupiers that can also impact your insurance cover. These include: Tatooists Dry cleaners Laundromats Food premises involving deep frying Storage of
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As an ongoing service to clients we will be providing you with details of VCAT cases every few months concerning VCAT cases. Here are three cases which may be of interest to you from the Residential Tenancies list at VCAT which are summarised below: 1. Smyth v Trovato Investments Pty Ltd (Residential Tenancies) [2024] VCAT
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As an ongoing service to clients we will be providing you with details of VCAT cases every few months concerning retail property issues. Here are three cases which may be of interest to you from the Building and Property List at VCAT which are summarised below: 1. FNB Hotel Pty Ltd v Hotel Carringbush Pty
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END OF TENANCY – Rental providers giving renters a notice to vacate must now provide evidence in some circumstances. – Changes to notices to vacate for overdue rent (rent arrears), will result in some notices not being valid if the overdue rent is paid before the termination date (the first 4 notices or strikes). –
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DURING A TENANCY – Renters must be given a ‘fee free’ way to pay their rent, including by EFT or, for renters receiving Centrelink payments, via Centrepay – Renters can make some modifications to their homes with or without consent – Broken air conditioners and mould and damp issues are treated as urgent repairs –
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BEFORE STARTING A TENANCY – Rent bidding is banned – There are restrictions on what can be asked on an application: renters cannot be asked about their bond history, previous VCAT hearings or a bank statement showing daily transactions – Renters must be given information about unlawful discrimination (Statement of Information for renters) – Renters
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