The market heats up returning to pre-Covid conditions
The year has kicked off to a busy start at The Agency with a number of impressive leasing deals signed up indicating life is quickly returning to pre-Covid days.
At The Agency, we’ve enjoyed some outstanding results going into 2021 and expect the trend to continue as the Covid-19 vaccination roll-out sees confidence return.
The Agency has seen a number of strong leasing deals this year indicating that central coast, inner-city, lower north shore and eastern suburbs residential rental properties remain highly sought-after.
According to SQM Research, the national residential vacancy rate decreased by 0.2% over the month of January, 2021 to stand at 2.0%. “The total number of vacancies Australia-wide is now at 71,297 vacant residential properties. This time last year, the national vacancy rate was higher at 2.1%,” SQM Research found.
The Real Estate Institute of New South Wales reported a substantial fall in Sydney’s vacancy rate over February, down from 3.6% in January to a current rate of 3.1%.
Research shows the weekly median rent for houses in Melbourne has become more stable at $500 while Sydney housing increased by 3.2% over the same month to about $660 per week.
We’re finding young professionals are dominant in the market and as vacancies begin to decline, we’re again seeing tenants offering to pay more than the asking rental to secure a property.
Now is the time to be reassessing the financial interest in your rental property such as preparing for tax time and seeking a depreciation report and knowing the current market rental assessment. You may also want to consider consolidating your portfolio if you have multiple investments that we are not currently servicing.
We service multiple regions across Sydney, Central Coast and Melbourne. Call the Director of Property Management, Maria Carlino to assist with your queries on 0423 555 599.