Did you know? Focus currently manages around ¼ billion dollars in real estate in over 70 suburbs of Sydney.
Despite moving into a winter market we are still seeing vacancy rates consistently hovering around the 1% mark. We are seeing a good attendance at rental inspections rain, hail or shine and we have had some real encouraging leasing results through the month of May and good demand for rental properties.
For this market update we have compiled a list of the Top performing suburbs for rental growth (apartments only), over the past 6 months from areas we manage residential real estate. (refer to the tables at the bottom of this page)
For those of you with studio apartments in Sydney CBD, we have seen a rental increase of about 10% since November 2009 to May 2010.
In our February 2010 market update I advised that rent for 2010 would increase 5 -7%. I am excited to announce that this has been revised upwards and expect increases across the board in 2010 around 7-10% for the most part. Obviously there are a few exceptions like the top performers mentioned above. So with continued rental demand, what does this mean for you:
- If you have already had a rent increase on your property earlier this year, we are on track for a second round of rent increases to take effect in October & November this year.
- If your property has an upcoming rent review, you can expect a more aggressive increase than previously anticipated. As always, your property manager will contact you via telephone in the first instance to advise of their recommendation prior to sending notification to your tenant.
STAMP DUTY
Effective from 1st July 2010, for the next two years, stamp duty would be cut to zero for people buying a home or apartment worth under $600,000 off the plan. This announcement came from the NSW state government today as the centrepiece of the state budget.
Until next time, take care.
-Bernie Mitchell
