NEWS ARCHIVE
Rental Market Report
The weather has made for difficult leasing conditions this June, as three successive weekends were affected by heavy rain, strong winds and cold. This resulted in lower than normal numbers attending the marketed properties. Those who did attend were no doubt keen and we were still able to secure quality tenants for some properties. As a result, our vacancy rate has risen slightly to just over 1% this month. I would imagine this rate will be reflected across Sydney during this period, in figur...
June in Review
Mid-year market update – 2007 could be remembered as the year the Sydney property market re-emerged from several stagnant years to re-establish itself as the premier real estate zone in Australia. As we move into the second half of the year evidence continues to suggest that the property market is experiencing somewhat of a resurgence. Continued corporate growth and high profits are spilling into the property sector and with low unemployment, stable interest rates and a stable economy, buy...
May in Review
May was another busy month for both buying and selling locally. With five solid months of sales behind us we can confidently say that this year’s market is the most positive we have seen since the beginning of 2003. A positive market doesn’t necessarily mean that housing prices are rapidly increasing. While there is growing evidence to suggest that prices are trending upwards, the actual strength of our market can be seen in many other ways. We are experiencing increasing buyer num...
Rental Market Report - May 2007
Traditionally, May and June prove to be the quietest months in residential leasing. Previous years have shown that vacancy periods tend to be a little longer during and tenants are able to be more selective at this time. Today, however, we are experiencing some of the tightest conditions the rental market has seen in more than 10 years. Our agency’s rental vacancy rate dropped to 0.5% early this month – the lowest I can recall. The number of properties available for viewing on Satu...
April in review
The market continued to gather momentum in April with an increased volume of property entering the market and an equally impressive amount of property being sold. As reported last month the market started slowly in 2007, however it has rapidly changed and has become buoyant for both buyers and sellers. Many people breathed a sigh of relief when the Reserve Bank met in early April and decided to leave interest rates at the current level. However, with current record spending on home loans, the ...
Rental Market Report - April 2007
Vacancy rates released by the REINSW this month have shown an alarming tightening of the rental market in Sydney. Figures released put the overall rate for Sydney at 1.2% and inner city level at just 1.1%. Our office has maintained a vacancy rate just under 1% for several months now. Other areas of NSW had mixed results, with vacancy rates in Newcastle rising from 1.8% in February to 2.1% in April. Wollongong on the other hand dropped to 2.1% from 2.6% in the same period. These figures show th...
March in Review
After a slow start to the year the local property market hit its straps during March with a relative explosion of property entering the market as sellers took advantage of the current climate and got their campaigns under way before the election weekend and Easter and school holidays. The price points for newly listed properties were patchy, however, with a limited supply of homes in the $1-1.5 million range yet an abundance between $600,000 and $950,000. This reflects the increased activity ...
Petes Pulpit
Super changes Recent changes to superannuation rules have encouraged a number of landlords to investigate the benefits of selling their investment property and placing the proceeds into their superannuation fund. The benefits generally apply to those nearing retirement age and who are currently working. The rules change again from July 1 2007 so it is essential that you seek advice from your financial adviser soon if you want to take advantage. Landlord Insurance – do you have ...
Rental Market Report March 2007
Sydney-wide, rental vacancy rates remained at near-record lows in March, levelling out at 1.6%, in line with that of the Inner Zone (0-10km from the CBD). This shows that Middle Zone (10-25km) and Outer Zone (+25km) vacancy rates have fallen sharply, with the supply of available properties that were previously abundant now relatively scarce. From these figures it is clear that the current shortage of available rental accommodation will remain and pressure on rents to rise will certainly continue...
February in Review
It’s already the end of February and we’ve started to see a pattern slowly emerging in the market as we review sales and analyse current information against previous years’ activity. It appears that the market has tightened in the early part of the year with availability of property from both a sales and rental perspective at fairly low levels in the Inner West region. Should this trend continue the pressure to secure a property will translate into steady price incr...