For months we have been telling you about the tight rental market and very low vacancy rates throughout Sydney. Those looking for a place to rent in Sydney’s prestigious eastern suburbs often faced fierce competition to secure a suitable property. Well presented and well priced properties rented very quickly, often before the first open.
We are facing a very different market today. In a relatively short time frame, the rental market has weakened significantly and agents throughout the eastern suburbs are experiencing growing rental lists as more and more properties become vacant and take time to lease. Part of this is seasonal. The winter months generally see the rental market weakened (most markedly in the beachside suburbs), with things coming back to life as the temperature rises.
However, this winter is seeing a more dramatic shift than previously. Landlords who want to avoid prolonged vacancies will need to price their property competitively and make sure it is presented in the best possible light. At Hart, we have dropped the asking rents on many of our vacant properties to ensure they reflect current market conditions. Our online marketing of rental properties ensures that all of our listings appear more prominantly and towards the top of applicable search results on the two main real estate listing sites. This is a significant advantage in a market where, for example, there are 99 rental vanacies listed in Rose Bay alone: see domain.com.au search for “Rose Bay” here.
Hart Estate Agents is a leading independent real estate agency specialising in Sydney’s eastern suburbs. It has an award winning property management team and one of the most established rent rolls in the East. Please contact Alex Hart if you would like to speak to us about leasing your property or any other real estate matter.