With Christmas less than a week away, we are now in the doldrums of leasing!
We do a big push, showing any vacant property we can whenever someone asks to inspect but the reality is that the Christmas New Year break is pretty quiet. Over the last three years we have even taken the step of having staff on call to show property on any day other than the public holidays. Our results have be quite telling. Over three years showing any available property requested, we have shown more than 100 people looking to rent. Problem is not one of those people put in an application that we considered worthwhile.
November inspection and application numbers are just as telling.
Our figures show that while enquiry levels stay the same, and have actually picked up from the previous month’s slump – we saw enquires increase from 376 enquiries to 701 enquires in the last 30 days. That’s back to the same levels of activity we had in September. Problem is most of these people are not looking to lease right now but rather are doing research to be better prepared for next year. We had only 120 inspections in the past 30 days, which is a 43% drop. To be far this isn’t unusual. It seems people are looking, but not committing to a new property because it is now too late for an actual move. It seems their weekends are filled with Christmas parties & catch ups.
The good news is that while we expect this slump of inspections to continue into the first week of the new year, by mid-January the market typically recovers & we see increased enquiry, inspections & leasing! The influx of professionals with new contracts trying to rent around Macquarie Business Park also helps dry up supply. This year with the influx of new units coming on the market, things may be a little different.
If you’d like to know more, please contact us here.
Have a Merry Christmas & a Great New Year!