One of the major trends of the property market this year is an unprecedented lack of rental stock with demand far outweighing supply. The return of students and the arrival of new workers to the city combined with ever-strong demand for property close to beaches and lifestyle hubs mean that the market is extremely competitive at the moment. All of these factors contribute to a positive forecast for property investors with the median price for rentals in Sydney on realestate.com.au up 20% this year.

Our Head of Property Management Rachael Beadman says, “Rental prices remain high moving into 2024 and our team are busy with 3,945 enquiries from potential tenants over the past month alone! We’ve had 866 groups through our 84 opens since the beginning of the year with over 500 applications and, as our portfolio is in such high demand, we’ve leased 51 homes and are down to 21 available properties the month. What this means for the investor is that now is a perfect time to secure a quality tenant at a really optimal price point as stock is so low and properties are being snapped up fast. There’s never been a better time to invest in property in Sydney and reap the rewards.”

Unique to the rental market, 15 Surfside Avenue, Clovelly is an incredible beachfront property on over 750sqm with a unique layout ideally suited to inter-generational family living for $5,500 per week. Our New Business Executive Katrina Borg says, “This Surfside Avenue masterpiece is really something special with multiple dwellings, parking for five cars and direct access to the beach. Set amid inspiring gardens, the property comprises a four-bedroom primary residence, a self-contained two-bedroom apartment and two self-contained garden studios making it ideal for even the largest of families and will be open for the first time tomorrow, Saturday 17th February at 9am.”

Katrina continues, “The rising cost of living is hitting everybody hard and people in the apartment market are downsizing or moving back in with parents to make ends meet. The large lines of people outside open homes are primarily renters who are looking for a better deal after receiving a rent increase, cheaper rent in general or potential share homes with only about 10% committed to move. There’s always high demand for apartments close to beaches or village hubs and the housing rental market is starting to pick up now too. Our financial partner Shore Financial reports an increase in investor loans which is a good sign that confidence is coming back into the market and we should see more properties becoming available for rent.”

This week the sales team secured 29 sales with an average price of $3.3m and listed 14 new properties.