NEWS ARCHIVE
November in Review
November saw a barrage of property entering the local market. Sellers looking to make a move in 2007 view November as the last opportunity to effectively market their property, however this year we have also witnessed many sellers simply looking to take advantage of the buoyant sales conditions experienced since winter. With such a large amount of property hitting the market at one time, buyers have enjoyed significantly more choice, completely contrasting the tight buying conditions experience...
Rental Market Report
Conditions for prospective tenants seeking property in the Balmain area have become critical, with the number of available properties at a record low. As of Saturday 10th November, our office had just two properties vacant of the seven properties initially available for viewing. This represents a 0.2% vacancy rate of our property portfolio. We suspect the next figures to be released by the REINSW later this month will show a similar decline in available properties right across Sydney and this...
October in Review
The October property market was extremely strong with solid movement across all price sectors. We have been amazed with the current buyer activity and the confidence shown by prospective purchasers trying to enter the market. This trend is being echoed throughout much of Sydney but there is a genuine focus on suburbs positioned within a 10km radius of the CBD. To say the market is back to frenzied buying conditions would be too large a statement, however quick property transactions and aggressi...
Rental Market Report
November saw a barrage of property entering the local market. Sellers looking to make a move in 2007 view November as the last opportunity to effectively market their property, however this year we have also witnessed many sellers simply looking to take advantage of the buoyant sales conditions experienced since winter. With such a large amount of property hitting the market at one time, buyers have enjoyed significantly more choice, completely contrasting the tight buying conditions experience...
Rental Market Report
Figures released by the REINSW on the Vacancy Rate Survey for the month of August showed a mixed bag of results. Vacancy rates have risen slightly in Sydney, from 1.4% in July to 1.5% in August, however these levels are still well below the 2% considered enough to adequately meet demand in the rental market. Regional vacancy rates improved in Wollongong, Coffs Harbours and the Central West, while vacancy levels fell on the Central Coast, Mid North Coast and the Riverina. Closer to home, the B...
September in Review
On the back of a volatile August for the stock and property markets, September seemed to be all about APEC and the upcoming Federal Election. We believe the biggest concern in our market continues to be the credit squeeze throughout the U.S, particularly given many forecasters are predicting that the worst is yet to come. Macquarie Bank has likened the current credit crisis in the U.S. to the near-identical collapse of the Asian financial system in ‘97/98. Australia was considered parti...
August in Review
August was an explosive month of activity for both the property and stock markets. Firstly the Reserve Bank lifted rates 25 basis points to a cash rate of 6.5%, which was widely expected by market economists. However, what quickly followed was the Reserve Bank’s strong forecast for another rate increase this year due to inflation hitting 3%, which is at the upper end of its comfort zone. The stock market’s ‘bull run’ hit the skids with 8% being wiped off the markets by m...
Rental Market Report
Since the last week of July 2007, our office has experienced a particularly strong surge in rental inquiry, resulting in the lowest rental vacancy rates this year, falling to just 0.5% of our portfolio in early August. The strongest demand is for two-bedroom houses in the market to $600 per week, where increases of $30 to $40 per week can often be obtained at vacancy following a fixed term. It’s not uncommon to have more than a dozen prospective tenants attend viewings and to receive se...
Rental Market Report
In contrast to the adverse weather conditions we experienced in June, July has provided better weather and a corresponding increase in prospective tenants responding to available property. In the week leading to this column our office has secured tenants for most of our available homes and inquiry rates have risen again. As tipped last month, the latest REINSW figures showed a modest easing of the rental market with Sydney’s vacancy rate now at 1.5%, up from 1.3% in May 2007. Vacancy ra...
July in Review
I had the fortunate opportunity of attending Macquarie Bank’s annual Real Estate Property Outlook seminar last month, labelled ‘The Real Estate Carnival’. It highlighted the fact that the global economy is the strongest it’s been in the last 30 years and despite a slowing US economy, China, Europe and Japan are forging ahead and contributing to one of the longest growth cycles ever recorded. Head of Property at Macquarie Bank, Rod Cornish, delivered the report which pr...