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In the first quarter of 2024, Sydney’s rental market once again witnessed a price hike, driven by the undersupply of available rental properties and the high demand for them. While it’s typical to see a surge in rental activity during Q1, this increase in prices can’t be solely attributed to the time of year. Rental prices have been steadily rising over the past year, even more than they did this time last year.
However, trends in the property market indicate that there is hope for change in 2024. According to Domains’ Q1 study, there has been a decrease in the number of people looking to rent compared to available rental listings. This is something we have noticed with our current listings, with less tenants attending open homes and less applications to choose from. This paired with a decline in international student visa applications for the first time in over two years, indicates there could be some relief for tenants this year.
What we have noticed is an increase in rental properties transitioning to the sales market, with many landlords opting to sell their investment properties. This has been a continued pattern since the RBA started to hike up interest rates.
Our property management team has a range of exciting listings coming up over the next few months, including a rare, luxury Waverton apartment that has just become available to rent. We also have properties perfect for first time renters, couples, solo renters, families and downsizers! Feel free to reach out to our Property Management team to find out more about our upcoming listings.
FOR LEASE
49/1-5 Russell Street, Wollstonecraft
Contact Us
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.