West End Real Estate Newsletter – June 2021 edition – Spotlight on Geelong West

Welcome to West End News
As a valued client of West End Real Estate, we’re committed to bringing you news and insights from our exciting world of real estate.

Along with a newsletter, we’ll be updating the West End Real Estate website with information, so you can catch up at any time.

Winter is here. The last leaves are falling from the trees and the temperature is dropping. It’s time for a hot drink, warm blanket and settling in for a West End update.

We need properties for renters and buyers
Selling your property
After years of matching quality renters with homes to live in, we are now helping people sell their homes.Renting your property
We have a list of quality, pre-qualified tenants urgently waiting for properties.

If you have a property you want to rent or sell, contact us now on 03 5291 3529 for a confidential discussion about renting or selling your property with us.

Tax time is coming, know your rental expenses
As June 30 approaches, it’s time to talk about rental expenses for your tax return.

One of the benefits to owning a rental property is the opportunity to get some cash back at tax time for expenses you have incurred while the property is being rented.

According to the Australian Tax Office, who are 100% the law when it comes to rental property tax returns, there are three main types of rental expenses.

  1. Rental expenses you can claim in the same financial year. This includes expenses like interest being charged on loans, cost of repairs and maintenance and council rates
  2. Rental expenses you can claim over several years. Example. You may be able to claim depreciation, or decline in value of asset expenses over time.  Because you technically own a building, parts of the building are also considered assets. Items like floors, blinds or appliances. As they wear out over time, this declining value may be included rental property expenses each year.
  3. Rental expenses you can’t claim. Including items that your renter paid for, cost of travel and a list of other expenses that are no longer claimable.

If you don’t have one already, find a trusted tax professional who can help you identify all the expenses you can claim for your rental property.

The Australian Tax Office has user friendly information on rental property expenses for tax purposes.

Suburb Profile: Geelong West, VIC 3218
 We aren’t called West End Real Estate for nothing. Our office is in the thick of Pakington Street (affectionately known as Pako) giving us courtside seats to this energetic property market. Here’s our view on the key suburb highlights.
Fast facts
  • Median age of residents is 35 years old
  • 60% Owners vs 40% Renters*
  • Median rent $400 per week (source: Realestate.com.au as at 25/5/21)
*These are based on the last census in 2016, so will be adjusting in real time
History 
Building a residential and commercial community started as early as 1839 in the area now known as Geelong West. Shopping on the same Pakington Street that we know and love today started as early as 1850.Today’s real estate market 
Demand is HIGH.
This typically means that we have more people wanting to rent or buy homes in Geelong West than available supply.

We have people pre-qualified and ready rent and buy, so if you have a Geelong West property you are ready to list, contact us at 03 5291 3529 for a discussion on how we can help you.

Typical housing stock is…
Timber Edwardian cottages, California bungalows to post war solid brick homes and sleek and modern townhouses. The suburb is brimming with charming character housing.
And…Our top 3 spots for a great coffee

  • Geelong West Social Club, 1B Yuille Street, Geelong West
  • Box Office, 77A Preston Street, Geelong West
  • The Village Door Cafe, 156 Pakington Street, Geelong West
That’s all for the June edition! Stay warm and have a great month.

From Gina, Rosa and the West End Team

West End Real Estate is a professional, boutique Geelong property management firm with a focus on bringing back friendly, efficient service to the real estate industry.

Find out more about our team and available properties here.

Is your property sitting vacant? We have pre-approved tenants waiting.
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