News Archive
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...
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
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
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...
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
In stark contrast from the hectic leasing of the first few months of 2008, the start of July has seen both lower numbers of available rental property and far fewer prospective tenants in the market. The recent combination of colder weather, school holidays and the current World Youth Day activities have no doubt had an effect on the leasing inquiry at this time, but more noticeable, is the tendency for incumbent tenants to remain in existing tenancies. A quieter sales market and difficul...
Sales Market Review
This past month period saw a continued decrease in activity in the local property market with only 22 properties having transacted, compared to the previous month’s 31 properties sold. The table below shows that of the 22 local sales last month, two were reported to Australian Property Monitors as being sold at auction while five auction properties either failed or were withdrawn. Significantly, we can report that not a single property was sold under the hammer on the Balmain peninsul...
Sales Market Review
Last month saw a slight decrease in activity in the local property market with 31 properties transacted (across all agencies) compared to the previous month’s 38 properties. The table below shows that of these 31 local sales, seven properties were reported to Australian Property Monitors as being sold at auction while 10 properties either failed at auction or were withdrawn prior to auction. However, as reported last month, it seems that some agents continue to sugar coat auction...
Rental Market Review
Financial year in review It has been a significant year in Sydney’s residential real estate rental market. We’ve certainly experienced the strongest growth, percentage wise, in rents since the mid-80s, with vacancy levels at or below 1% in Sydney and much of NSW. Increases in rent over the last 12 months average around 10% and further growth is likely. Unfortunately the interest rate rises over the past year have eroded much of the gains achieved by investors, particularly tho...