The past couple of years have been challenging for property managers but we’re pleased to report that our PM team has emerged stronger than ever and have leased 162 properties since the start of the year. Head of Property Management Rachael Beadman says, “This year rentals started a little lower than typical as stock levels have been unusually low as tenants have favoured staying in their current homes and the border opening up saw an increase in tenants arriving from overseas. Rental yields are showing signs of recovery since the first Covid lockdown and properties coming on the market have been slowly increasing and almost back to normal levels for the time of year. We’re happy to report our new business clients are starting to increase as many owners are now ready to market properties after many have been delayed due to storm damage leading to disruptions in both preparing and marketing ready for listing.”

Typically the beachside and coastal rental markets pull back about 10% as we approach the cooler months but the team have found that demand in the seaside suburbs remains robust. In addition, the city fringe markets are picking up again as workers return to the CBD. Head of Business Development Katrina Borg explains, “There’s been a number of factors impacting the market with supply being low as many landlords sold up during the sales boom and many expats who had previously rented out their homes have returned to Sydney. Demand is definitely on the rise as young professionals are looking for share homes again and the cost of buying and renovating a home has meant that many families are renting. We’re seeing particularly strong demand in Potts Point, Darling Point and Woollahra as well as the beachside suburbs.”

Serving as testament to the high demand, the team leased 3/8a Wylde Street, Potts Point after the first open for inspections. Families renovating properties and experiencing delays are also in abundance leading to a spike in larger homes with 8 Raine Street, Woollahra leasing after just one open and 40 Read Street, Bronte securing $2700/week after just one viewing. If you’d like any advice on listing your property for rent to capitalise on the demand, please reach out to Rachael or Katrina.

This week the sales team secured 5 sales with an average price of $7.9m and listed 12 new properties. Take care, stay safe and keep connected.