February Market Wrap & Legislation Update

Welcome to You All,

Market Update

January has flown by and it is hard to believe that we are half way through February! A strong month of buyer interest has seen properties in all parts of the market sell.  Canberra continues to see growth in population and industry particularly in the northern fringes and this will help to ensure that Yass and Murrumbateman remain a very viable lifestyle option with commuters into the future. 

The announcement of funding for the Barton Highway duplication should help to bring purchasers into the market who were previously dissuaded by the driving conditions. It will also be interesting to watch the effect the expansion of the Canberra airport has on the property market as they open to new international routes. 

With more quality properties to hit the market over coming weeks there will be something for all buyer demographics.

Property Management

The demand for family homes is continuing to remain very strong with many people looking to rent while they are building their own property or simply to enjoy the country town lifestyle with their children. Properties that accept pets are also highly sought after particularly from people that have owned their own home and are looking for the transitional property between purchasing. 

New regulations come into force on 13th March 2018 regarding the installation of safety devices on upper storey windows within Strata complexes.  This has come about in the attempt to stop children falling from windows on upper storeys.  Further information can be found on the NSW Fair Trading website using this link http://www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Strata_schemes/Window_and_balcony_safety/Window_safety_device_requirements.page?utm_campaign=Property+Matters+-+Window+safety+locks:+13+March+deadline&utm_medium=email&utm_source=General+Customers&"

Failure to comply with these new rules can lead to substantial fines and if an accident was to occur the potential for very large negligence claims.

While not yet required by legislation, landlords with two and three storey homes should also be giving serious consideration to installing the same measures as an added safety feature and defence against possible future claims.

Michael is currently still in Sydney but is making daily progress and very much looking forward to getting home! He wants to pass on his thanks to everyone that has sent their well wishes that he may not have been yet able to reply to.

Kind regards,

The Yass & Murrumbateman Real Estate Team