Although the market conditions have changed lately, the acreage market is still performing well. Buyers are still looking for more space and privacy, some of which now have the flexibility to work from home part time or full time due to Covid. The appeal of being secluded and on a large block that is so close to all amenities, the beaches and the M1 is still bringing buyers forward in solid numbers. Our exclusive acreage buyer database is full of quality buyers looking to spend between $1,500,000 - $3,500,000 who are finance ready with flexible settlement terms available. If you have been considering a move then now is the perfect time. ACREAGE SUMMARY 2022 what a year - Covid in the community, Liberals out, Labour in, masks off, rates up and then down came the rain. Despite the rollercoaster ride we have all been on, in the Property Management department at Ray White Long Jetty our focus was getting back to business as usual to bring some consistency and confidence to our clients, both landlords and tenants alike. Rental prices have remained strong throughout 2022 driven by low vacancy rates, especially in the first half of the year. While the media like to throw around the term rental crisis, this needs to be qualified in light of more localised market trends to get a true reflection of what is really happening. We regularly monitor days on market through the lens of tenant enquiry, inspections and application numbers across a range of properties to look for emerging trends that may impact landlords. This showed that locally tenant enquiry did start to ease off a little towards the middle of the year as more properties became available for lease. This trend continued throughout the spring months, causing rent prices to level out. Nothing for investors to panic about, this was simply a return to a more normal rental market post Covid. However this did mean that not every property was in a position to increase rent and ease the burden of mortgage payments as rates rose. One thing that remains true no matter the market variables, it is important to have a Property Management team that you can trust and communicate with, as no two properties or clients are exactly the same. PROPERTY MANAGEMENT OVERVIEW Michael Melville Licensed Real Estate Agent & Acreage Specialist Jessica Sclater Senior Property Manager Jonathan McCaig Senior Property Manager
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