June 2019 – Sales & Property Management Market Wrap

The property market – both for sales and rentals – is consistently fluctuating depending on the time of year and the demand. Unsurprisingly, there is a much higher demand property during the summer months - especially in the prime coastal areas that NGFarah specialise in – and this is traditionally the busiest time of year. The rental market normally spikes between January and March - at the start of the university year - when thousands of students return to Sydney, needing to source rental accommodation.

Property Management Market Review 

At present, the rental market is going through a tougher period than usual with a record number of properties available to rent all over Sydney. The reason this is happening is because;

• The time of year - June, July and August is traditionally quieter than the summer months.
• There is an oversupply of rental properties on the market.
• Rising cost of living – another factor that is weakening demand for rental property - is that kids are staying at home for longer, due to financial pressures and the cost of living increasing.
   

Despite these quieter months, there is still demand with our rental team meeting nearly 700 potential tenants during the month of June – which is much higher than the market average.

Residential Sales Market Review – June 2019

Like the rental market, the months of June, July and August do traditionally bring a slower pace to the real estate market. However, NGFarah has seen a strong start to the winter selling season with over 600 buyers attending open homes and 63,334 online views across Domain and RealEstate.com.au’s sold property listings.

Our top sales were in Little Bay, Rosebery and Matraville with a total transaction value of $18,435,888. Though our average days on market are higher than the same time last year – NGFarah are pleased to report that we consistently sit above the market average by at least 10%.

Overall, Sydney is a world class city and the areas that NGFarah specialise in are some of the best areas in Sydney and have already seen excellent properties exchange at the start of July 2019.