With tightening vacancy rates across the Illawarra region and in Wollongong, now might be a good time to start thinking about making a property investment.
According to the latest figures from the Real Estate Institute of New South Wales (REINSW) for November, the rental vacancy rate for properties in the Illawarra stands at 2.2 per cent, while Wollongong saw rates of 2.5 per cent.
While both of these figures are a slight improvement on the 1.8 per cent recorded in Sydney last month, the REINSW's president Christian Payne remarked that the low numbers of available rental properties could be combated over time with more investment.
"The reduction in interest rates by the Reserve Bank of Australia at their board meeting in December is likely to help stimulate investment in the residential property market. This should have a flow on effect in 2013," Mr Payne said.
If you are considering a property investment in the local area, one thing you'll want to make sure is that you are able to find the right tenants to live in your home or apartment in Wollongong.
This is where enlisting the help of a trusted local agency like MMJ Real Estate can be invaluable.
We have more than five decades of experience in the Illawarra area, and our up-to-date marketing and advertising knowledge can help you to reach a broad base of tenants to help ensure that we find the right people for your property.
At MMJ Real Estate, we know that many investors are short on time, which is why we also offer a suite of property management services to support your investment. From arranging repairs to collecting rent, we can help you take the hassle out of your investment property.