Market Report Strong rental market finally eases up.

 The shortage of rental accommodation in Sydney’s metropolitan area and more acutely Sydney’s Eastern Seaboard is finally showing signs that it is easing as we enter our winter months.

At N.G. Farah, we currently have just under 2000 properties under management in Sydney’s metropolitan and Eastern Suburbs areas and during the past 12 months we have watched rent increase in some suburbs by up to 15%.

Our current vacancy rate is just under 3%, which is relatively high for N.G.Farah, but in line with the Sydney market for this time of year. 

The rental market works in troughs and peaks over the period of a year, with the summer and spring months always providing the highest demand. Investors contemplating purchasing properties in Sydney’s South East should feel positive that the level of new development and construction is at an all-time low, therefore putting pressure on existing rental properties.

N.G, Farah has an array of properties coming up for auction on Tuesday the 31^stof May and Tuesday the 28^thof June. At present there is a strong demand for one and two bedroom units under $650,000 in the following areas, Maroubra, Randwick, Coogee, Matraville, Kingsford and Kensington. The average two bedroom unit would rent for a minimum of $500 a week and up to $750 in Sydney’s more illustrious suburbs.

 N.G. Farah has over 5 decades of Property Management experience and offer a quality and knowledgeable service to their clients. For any information regarding property management please do not hesitate to contact one of our offices.