News Archive
Rental Market Review
The chronic rental crisis hit hard in early December with desperately low numbers of available rental property on our books. This has eased slightly with a small but steady influx of vacating notices being received from tenants deciding to move in the early New Year. We find this is an annual trend as people use the holiday period to make a move. Still, the outlook is bleak for prospective tenants seeking rental accommodation in the Balmain area, with vacancy rates well below 1%. Demand is...
Sales Market Review
Our final report for 2008 caps off a year of uncertainty which has seen the share market shed 50% of its value and world economies hit hard. Our local property market also suffered with a decline in values over the year, although the rental market remained particularly strong. It has simply been an extraordinary run of events, capturing world economies in the updraft, and where and when we land remains unforeseeable. One thing that does appear clear is that most people are bracing for a diffic...
Rental Market Review
Figures released by REINSW in the last week have shown a marked drop in the number of vacant rental properties. Across all areas of Sydney the vacancy is now no more than 1.1% with the Inner West showing the largest drop, from 1.5% in September to just 1.1% in October 2008. This trend was also experienced by our office during this period as we witnessed again high turnout to most sections of the market throughout October and the first few weeks of November have seen the numbers of vacant proper...
Sales Market Review
The fragility of the local property market has hit home hard in the past month and it's fair to say we are seeing pretty significant price reductions in most price ranges. As with the share market, the property market just can’t seem to find the right level to attract competitive interest, with many buyers retreating faster than prices can adjust. For many sellers it's a testing time and with Christmas beckoning there is no doubt we will see a large hangover of unsold property by y...
Rental Market Review
The October rental market has continued to be extremely competitive with another busy month for the department. Record low vacancies are continuing and it's now commonplace for a prospective tenant to submit an application on multiple listings to avoid disappointment and bolster their chance of securing a property. We have experienced a high volume of people inspecting middle range properties again throughout the month, with the higher range properties taking a little longer to secure a tenant....
Sales Market Review
We are currently in the midst of complete economic uncertainty which is not only plaguing the stock market but is genuinely affecting the property market. If you’re in any doubt, our graph confirms turnover has seriously declined by as much as 70% this year. In our reported period there were 25 transactions during the traditionally busy Spring sale season compared to 79 transactions in the same period last year. The Federal Government delivered its economic stimulus package during Oct...
Sales Market Review
We have rapidly moved into the busy Spring selling period and there has already been a few things to celebrate. We kindly welcomed a reduction in interest rates (the first in seven years) and the likelihood that more will follow. Our market analysis suggests there has been an increase in the amount of new property entering the market and there has definitely been an increase in buyer attendance at our open homes. Contrasting the positive market news was the alarmingly low volume of property th...
Rental Market Review
Available rental accommodation remained tight this month with low numbers of properties becoming available and strong attendances across all price levels. Demand for neat, tidy two bedroom houses and units between $500 and $700 per week is particularly strong and we have seen the largest increases in rents in this range. Our records indicate that vacancy levels are less than 1% in the Balmain area while survey results from the REINSW (August) show vacancy rates for inner Sydney are at 1.4%, up ...
Sales Market Review
In the latter part of July and certainly well into August we noticed a reasonably strong level of confidence returning to the property market. The market has been widely reported as being in a soft decline for the majority of the year, however the first signs of stability have recently been seen as buyers and sellers become more comfortable with the economic climate and the likelihood of interest rate reductions in the short term. The volume of sales property remains historically lo...
Rental Market Review
While July was relatively quiet in the rental market, August has seen an increased demand for rental property, with strong attendances at open homes. Studios, one bedroom apartments and two bedroom houses up to $650pw have been particularly strong. Above this level the market still remains patchy with several large high end apartments taking several weeks to fill. Overall, availability still remains tight with low numbers of properties across all price ranges. All indications are that th...