NEWS ARCHIVE
Sales Market Review
September kept the wheels of positive motion turning with both the volume of transactions and the average sale price increasing. The property market over the past 12 months has surged forward in what economists refer to as a V-shaped recovery, however, we can’t recall any market forecaster predicting the type of rebound we have witnessed. Interestingly, in our newsletter this time last year we were reporting interest rates had just been cut for the first time in seven years. Just 16 sales ...
Rental Market Review
Consistently low numbers of available property over the last month have tightened the rental market to a point that our vacancy rate has fallen to the levels experienced late last year, the top of the market. Typically our office would be promoting 20 – 25 properties open for inspection on any given Saturday, across all types of accommodation. On the 12th September just 10 properties were available for viewing. Our vacancy rate is just .4%! Expect REINSW vacancy rate survey figures in...
Sales Market Review
Along with the beautiful weather we enjoyed during the month, August may very well be remembered as the one which highlighted a vastly improving property market. Winter 2009 has seen some excellent sales in the Inner West. While stock levels declined by as much as 40% heightening competition, record low interest rates and Government incentives encouraged buyer activity. The buoyant selling conditions and improved market sentiment have been noted by the Reserve Bank prompting a comment that a ...
Rental Market Review
From what was a sluggish residential rental market for nearly three months, within two weeks we have seen strong demand and short supply of available property so far in August. Turnout of prospective tenants at set open inspections has been strong and rents achieved reflect this. This was not entirely unexpected as we often see the market pick up from about this time. Vacancy periods between tenancies are also kept to a minimum during these conditions, being an added bonus. Certainly hig...
Sales Market Review
In a healthy sign for the economy the June consumer and business sentiment index figures both surged into positive territory. Business confidence hit its highest point since December 2007 indicating that any crisis of confidence is dissipating. Many market commentators are now suggesting that Australia has skirted around the edge of a more severe and prolonged economic slowdown and perhaps the worst is behind us. From a property perspective we have continued to see listings tighten signi...
Rental Market Review
Rental levels and numbers of available property on the rental market have remained stable over the last month. Overall tenant inquiry rates remain subdued which is expected at this time of the year. Looking back at the last financial year, we have seen wild fluctuation in the rental market. Certainly more substantial swings than we have seen in previous years. The last half of 2008 saw high demand, rising rents and very low numbers of available accommodation & the first half of 2009 ...
Sales Market Review
In the past month we have seen a number of top end sales recorded throughout the Inner West region. In the 2041 postcode two sales above $5m, one sale above $4m and two sales close to $2m occurred, spiking the average sale price for the month to $1.18m. Our office also conducted the highest priced auction sale in Annandale for the year and recorded the two highest priced sales in Rozelle. In our graphed zone and period, 34 transactions occurred, eight by auction totalling $5.67m and 26 by priv...
Rental Market Review
Figures released by REINSW for both April & May 2009 have confirmed our experience of an easing market, with vacancy rates rising to 1.4% from 1.2% in March 2009 for Inner Sydney. Rises were also recorded for other areas of Sydney, but to a lesser degree. Rental levels have stabilised to market levels of early 2008. Leasing turnover has decreased in the last few weeks which is consistent with trends experienced previously at this time of year. We would expect turnover numbers to rise again...
Sales Market Review
During May the local property market sparked back to life after a fairly lacklustre April. While still below traditional levels, newly listed properties increased during the month as did property transactions. In other property related news the Federal Government announced that the boost to the First Home Owners Grant will be extended until October 1, then phased back to the original grant by the end of the year. Locally the market has continued the same pattern as it has done all year. Th...
Rental Market Review
Rents in Balmain have stabilised at levels achieved at around this same time last year. Demand is steady yet has eased from the particularly strong levels we experienced just three months ago. We have noted lately that prospective tenants in the market are certainly more discerning in their choices due to a steadily increasing pool of property. Interestingly, the latest figures released by the REINSW show Sydney’s March vacancy levels at a low of 1.2%. Figures on vacancy levels for i...