Residential rental market
Winter is the quietest period in the rental market. Unless you have to, now is not the time to move house! That said we have leased close to an average monthly quota in June.
However, that hasn’t been easy. There are less prospective tenants about; there are about 25% more properties vacant across the Highlands with all agents; and everything is moving slowly.
If your tenant is already paying market rent, it might be a while before rents increase by much. As always, our advice is to regularly discuss rent with your Senior Portfolio Manager, and keep up with the market as opportunity arises: small regular adjustments are best for everyone.
One other effect of the quietness in the market is new properties being brought to the rental market because they “can’t sell”. We have now had a second excellent month in a row for this form of new business, but with demand down, some are taking a while to let and it is key that the listing price reflects the market.
June sales market
The sales activity has slowed into the seasonal winter lull. Our transaction numbers are down: and it appears that this is being experienced by other agencies in the Highlands as well.
We can never successfully generalise about this Highlands market. It is just too diverse. Some houses wait for a long time to sell in this climate and slowing cycle, and then depending on location, presentation, appropriate pricing, buyer competition and other factors we get a complete surprise on the upside.
One such pleasant surprise occurred in June. Sarah Wotton sold a Mittagong property marketed at $5 million, to one of 12 qualified and interested parties who inspected over 3 weeks. This was a record sale for Sarah and for Highlands Property.