Property Management Update July 2016
Director Matt Clifton talks us through the Month of July 2016 for Property Management
We have had another solid month in the Property Management team with 32 properties being leased for the month. Whilst this is slightly down on the last month our letting clerks have been solidly booked throughout this time and our vacancy rate is still down below the regional average, but a little higher than the last month at 3.2%.
At the end of the July there were 124 properties available for rent in Bathurst, 92 houses and 32 units. Of those houses 50 were 3 bedrooms, whilst with the units 12 were 2 bedrooms.
We have also noticed that over the last 2/3 months the number of rejected applications has increased. This is in part due to our assessment that the applicants were unable to afford the properties. We continue to maintain a thorough checking process of all applications to ensure that, based on the information we have, all approved tenants are capable of paying the rent on the property they have applied for. Saying this, we encourage all applicants to come prepared on applying for a rental propety. If you do have any questions regrading applying for rental accomodation, please contact the office and one of our team can assist you.
Lastly, for this months update, we would like to touch on depreciation schedules and your investment property.
A tax depreciation schedule provides an opportunity for the owners of an income producing property to reduce their taxable income. It is possibly the most overlooked method of obtaining tax deductions despite the huge financial benefits, in many cases $1000’s per year. An investor not claiming depreciation is similar to leaving a rental property vacant - not ideal. You can claim depreciation not only on buildings and structural improvement, but also consider plant items such as floor coverings, appliances and air conditioners.
For more information regarding any topics discussed, or for more information on the Bathurst Market, contact Raine & Horne Bathurst on 02 6331 6555 or drop in to the office at 197 Howick Street Bathurst.