We are currently in a soft market despite what has been reported in the media recently. This is typical of the Winter Season, however vacancy rates across our portfolio was 2% as at 30/06/09. Vacancy rates have not been at this level since the end of 2006, so it is certainly higher than the lows of 0.5 to 1% that we were experiencing 12 months ago in mid 2008.
In the short term we will see vacancy rates improve as we move into the 2009 Spring market. Over the next 12 to 24 months we will still be in a relatively tight rental market with Australia’s overall population growth at an almost 40 year high and building approvals still low.
We are currently recommending to our clients to put quality tenants on 12 month leases and maintain rents at existing levels for now, with the prospect of further rent increases not likely to occur until at least early 2010.
Focus Property Solutions are Specialists in Residential Property Management, managing hundreds of properties across the Sydney Metro area. So why not consolidate your property management requirements with Focus, giving you the benefit of one point of contact for all your Sydney properties.
Contact Bernie Mitchell for a chat to see how you can benefit from the Focus Property Management Experience.
Until next time, take care.
T: 1300 377 477
E: bernard@focusps.com.au
Level 9, 2 Bligh Street, Sydney NSW 2000
PO Box 482 DARLINGHURST NSW 1300
