The rental market is proving to be very strong at the moment with our Property Management team leasing over 100 properties since the start of the year. Head of Property Management Rachael Beadman says, “We’ve had an extraordinary start to the year with January our biggest month on record! Our best performing listings are quality properties in coastal and beachside locations which we’re leasing pretty much as soon as they become available and for very competitive rents.”

Head of Business Development Katrina Borg reports that the team has been working tirelessly since the start of the year to keep up with demand and their hard work is paying off. Not only have the agents leased an average of 2.5 properties a day since the start of the year, but 20 new landlords joined PPD in January alone. Katrina says, “We’re taking advantage of the strong coastal market by getting properties ready to launch ready for April tenancies. Paddington and the surrounding inner east suburbs are also in high demand as tenants are seeking close proximity to lifestyle hubs and easy access to the great outdoors. A good example is our recent listing of 9 Elizabeth Street, Paddington which we leased after just one open home for higher than the initial asking price following a flurry of 12 applications after the first inspection.”

Katrina reports that unrenovated properties are not performing well at all, regardless of the price point, as there is an oversupply in the market and tenants expectations are higher than ever before. Cosmetic upgrades to make a property stand out and create a good first impression are crucial to attracting good tenants; a fresh lick of paint, new flooring and a quick fix with new tapware, hardware and lighting can make a world of difference.

If you’ve just sold a property and are still looking to buy or are planning renovation works and need somewhere to live during the process, check out 23 Comber Street, Paddington. The pet-friendly home is tucked away in a quiet pocket of Little Paddington, just off Oxford Street, and is fully furnished so all you need to do is pack a bag and move in. With four double bedrooms, two new designer bathrooms and a leafy courtyard garden oasis, this Victorian charmer is a perfect stop gap for those still searching or building their dream home.

This week the sales team secured 21 sales with an average price of $2.46m and listed 14 new properties. Take care, stay safe and keep connected.