Our property management team reports a shift in rental prices in line with the sales market. Rents, like housing prices, need to be sensitive to market conditions in order to secure strong tenancies. A spike in tenants breaking leases is due to a number of reasons, but the primary factor is that many tenants are now looking to buy as it’s cheaper than renting or they’ve found their dream home. Head of Property Management Rachael Beadman says, “Current pricing has pulled back to around 2017 values and, although this will rise again, the market has been easing off for some time. Stock levels are high meaning there’s plenty of competition out there. Quality properties near the beach are still performing well and in high demand but our advice to landlords is to adjust rents accordingly in order to beat the competition and secure a tenant this side of Christmas.”

Record low interest rates, housing affordability and improved lending conditions mean that it’s cheaper to own than rent in the current market. Our partners at Shore Financial can talk to you about 2.7% rates if you’re looking to secure your first home.

October was probably the strongest month for the rental market this year and, although properties were still price sensitive, more people were coming through inspections. With just four weeks left until the festive break, we’re racing to get properties leased with longer lease periods to avoid vacancies over summer next year. We’ll be showing properties until Saturday 21st December and again on Saturday 4th January 2020 to limit the number of vacancies and days on the market.

We’ve got a few fantastic properties available to lease that have had their rents reduced to reflect the market conditions so there are some great opportunities out there. The freestanding four-bedroom home at 30 Henry Street, Queens Park was rented for four years at $2,350/week and is now back on the market at $2,225/week. The two-bedroom apartment with ocean views at 5/7 Carlisle Street, Tamarama was previously rented at $1,050/week and is now on the market at $900/week. Check out our web listings for a full list of available rental properties from a modern studio in Paddington for $395/week to a luxury five-bedroom home in Bronte for $2,400/week.

PPD Sales Hit Over $1bn For The Third Consecutive Year Running
News from the sales team is that PPD has hit over $1 billion in sales value for the third year in a row! Jason Pantzer congratulates everyone in the team for this superb achievement, “The culture amongst the PPD sales team is truly inspiring and our commitment to our clients has been unwavering in what has been a very volatile market. We’re now listing for 2020, so feel free to give us a call.”