A word from Anthony Webb

A word from Anthony Webb

With just under three weeks of the year remaining, which, for most of us, is music to our ears, it only seems appropriate to stop and reflect on the year that was.

Philip Webb Real Estate has a rent roll of more than 6,000 properties in Melbourne’s east, and 2021 may have been the busiest year on record for our wonderful Property Management team.

After a tumultuous 2020, property managers were quickly thrown in the deep end again, juggling the end of the moratorium on evictions and 130 changes to the Residential Tenancies Act in March. The March 29 deadline took many by surprise, overwhelming residential rental providers and the industry alike as they navigated the extensive list of reforms.

In May, the Victorian Government announced stamp duty increases and tax hikes for homeowners and property developers in the state budget, sending shockwaves through the property industry.

Jumping forward to June – when the city entered its longest lockdown yet – the industry once again showed its resilience and adaptability, using online platforms to conduct open for inspections and virtually lease properties.

The multiple lockdowns also spiked rental negotiations between residential rental providers, renters and property managers. And work-from-home orders sent maintenance and repairs requests skyrocketing.

Significant VCAT hearing delays left renters and rental providers in limbo, as thousands of non-urgent cases took months to be dealt with, or in many cases, were not given a hearing date at all.

The year also saw many residential rental providers sell their investment property, some who couldn’t financially meet the terms of the revised rental reforms within the required timeframe, others wanting to capitalise on the strong market conditions.

It is safe to say, 2021 kept property managers on their toes. Thank you to the terrific Property Management team at Philip Webb Real Estate who were continuously positive and supportive during this busy but rewarding year.