Rental vacancies on the rise
Vacancy rates increased in Sydney last month, rising 0.2% to 3.4%. This is particularly evident in Sydney’s Inner Ring where rates increased from 2.4% to 3.4%. Tenants are enjoying greater availability of properties across the metropolitan areas coinciding with rental rates dropping to their lowest level since 2015. In the Middle and Outer Rings rates dropped suggesting these areas are proving more popular with tenants.
Elizabeth Bay, Cremorne, Edmondson Park and North Turramurra have returned some of the highest vacancy rates, all in excess of 7.75%.
The most popular suburbs are Moore Park, Coogee, Erskineville, Mona Vale, Engadine and Smithfield where vacancies are well under 2%.
Outside Sydney, vacancy rates rose in the outer area of the Hunter and Illawarra regions though there was a tiny decrease in Newcastle of 0.1%. Wollongong saw the largest decrease in vacancies down 1.7% from 4.3% in November to 2.6%.
The shift towards professionalising the real estate industry
In a recent podcast, REINSW President Leanne Pilkington explained how Australia is faring in the shift towards the recognition of real estate as a profession. She spoke to Phil Tarrant on how this shift will affect consumers’ expectations when choosing an agent, and what agents can be doing right now to prepare for this transition.
Click here to read the article and listen to the Secrets of the Top 100 Agents podcast.
Bushfires: NSW Government release factsheet offering housing advice to victims
The factsheet encourages landlords to make vacant properties available for people who have been displaced as a result of the recent bushfires. It also explains the types of assistance made available from to people who need to establish a private market property.
Click here for further information on bushfire assistance.
Hot topics
2020 Roadshow: Everything you need to know about the Industry Reforms
Changes to the laws that govern agents in the real estate and property industry in NSW start on 23 March 2020.
Under the reforms, agents will be required to establish separate trust accounts for rent and sales money. Agent’s day to day roles and responsibilities will be altered and so will base training requirements.
Register now for this year’s Roadshow to save 20% off the normal entry price! But hurry, because this special offer is for a VERY limited time. Click here to book now.
Beyond the Bricks raising money for bushfire affected communities
We’re deeply saddened by the bushfires and the devastating effects they’ve had across Australia.
A large group of brands within the Australian real estate industry has come together and we’re working with relief organisations to support the bushfire affected communities and wildlife with our campaign #BeyondtheBricks.
If you’d like to donate or get involved by setting up your own fundraiser, visit the Beyond the Bricks website.
Beyond the Bricks is a three-phase plan to provide assistance not only during the crisis but to the communities most affected in the aftermath. Your support will help make a difference.
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