October Update

Lots more properties have come on to the market this week which is great news, including a beachfront in Beatty St Balgowlah Heights and a large home in Edgecliffe Esplanade Seaforth. It will be interesting to see if they make the highest sale prices ever on record for their respective suburbs or just for 2023. As the year draws to a close, we are starting to speak to people about selling in January/February 2024. If your plan is to be selling in early 2024 now is the time for us to catch up and discuss what is next. Also if you are buying and want to move in before Christmas you have 2 weeks left to transact in 2023.

In the rental market there is a massive shortage of property now. We are finding that our existing tenants are preferring to stay put with a rent increase, rather than try finding something else in an uncertain market. Adding to the reduced supply is that many investors are selling and taking advantage of easier returns with money at 5% on bank deposits. Also the increase in Summer short term holiday lettings is not helping prospective tenants wanting longer term accommodation. On the back of this most properties should be having a 10% increase in rent as their leases expire. If you are unsure if your investments are getting the right return then give myself, Lisa or Elissa in our office a call. We would love to help.