Its swings and roundabouts in the rental market with our property management team reporting that the rental market has taken off again after a quiet spell. This week, the team leased 10 properties in two days with 40% of those in Paddington. Head of Property Management Rachael Beadman says, “It’s been a great week for the team who have been working tirelessly to secure tenancies in a very competitive market. The hard work has paid off though as by ensuring that we are presenting properties in their best light and pricing them well, our clients are reaping the rewards.”

The rental market in Paddington is performing better than the beachside suburbs at present with excellent turnouts at open for inspections. Rachael explains, “We secured tenancies for a weekly rent above that advertised for three out of the four Paddington properties that we leased this week. Family homes are the most popular with 62 groups inspecting 7 Hampden Road before it was leased out for $20 above asking at $1,020 a week and 60 groups inspected 6 Elizabeth Street before it was leased out at $30 above asking. Both 102 Hargrave Street and 1 Cecil Street were leased after the first inspection proving that there is significant demand for quality rental properties in the suburb.”

With their elegant facades and classic iron lace detailing, there’s a common misconception that Paddington terraces are all pretty much the same but you’d be surprised how very different they can be. Our Paddington sales specialist Catherine Dixon says, “You never know what’s behind the door of a Paddington terrace! From the classically grand to the state-of-the-art, it’s amazing how these iconic terraces are all so unique. The Victorian Italianate beauty at 10 Moore Park Road, Paddington retains its historic sense of grandeur while 30 Hargrave Street, Paddington has been completely gutted and rebuilt. The layouts vary widely too so you really can’t judge a terrace by its facade.”

In terms of the market, Paddington is faring better than other suburbs as the majority of owners are either mortgage-free or have a very small mortgage and don’t have to sell, thereby protecting the entire market.

Catherine explains, “A Paddington buyer will generally only buy in Paddington which is very different to the coastal or inner-city markets. For example, a Bondi buyer will often look in neighbouring suburbs like Bronte and Clovelly and, similarly, a Darlinghurst buyer will look in Surry Hills and Redfern. We find it very hard to move Paddington buyers to even Bondi Junction, Darlinghurst or Edgecliff; our buyers want the Paddington postcode. This means Paddington agents work with a smaller pool of buyers but also with a smaller number of properties. Paddington generally only has 1% of the market for sale at any given time, or about 35 to 40 properties. This is why dedicated Paddington databases, particularly in the current climate, are so important and building relationships with buyers is integral.”

Catherine and her team, Kane Dunkley and William Hesketh, open 10 to 15 Paddington properties every Saturday and meet about 150 buyers who they work closely with for a few months until they find a property. Catherine says, “The trust that develops over this time allows us to comfortably introduce other Paddington properties that come available, sometimes selling off market. A good example of this is 68D Caledonia Street, Paddington which we sold off market on Wednesday to a current client who had purchased through us before.”

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