Over the last month, the vacancy rate for Sydney overall has risen by 0.3% to 1.7%. We are seeing a trend of current tenants renewing their leases and accepting modest rental increases versus seeking alternate property in the market for the lack of supply to meet the rental demand.
The Sydney rental market continues to experience an ongoing shortage of available properties, coupled with high demand from tenants, which shows no signs of immediate change. Over 95% of our properties are currently leased, with a brief vacancy period of just 3-5 days between tenancies. It’s worth noting that properties that are effectively marketed and priced accurately are receiving an overwhelming influx of enquires. There has been a noticeable uptick in rent vesting, as numerous landlords opt to lease their primary residence and rent alternative accommodation. This presents significant tax advantages, as long as landlords refrain from acquiring another primary residence.
We are increasingly receiving enquiries from investors looking to divest from the market. This shift in dynamics presents a golden opportunity for first home buyers, who can capitalise on this situation and save on upfront stamp duty.
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As always, our team is available to advise or assist you with your selling, purchasing or rental needs, so feel free to reach out anytime. If you’d like to pop into the office, we are conveniently located at 38 Willoughby Road, Crows Nest. Contact us today for all your real estate needs.