Here’s an update from K.G.Hurst Real Estate in Eastwood, Sydney, on the current topics and trends in local Property Ownership.
Demand for Rental Properties
January was exceptionally active for rental enquiries. Many properties were let at the first Open House inspection, with tenants wanting to move in within 5 days.
Fortunately the majority of properties had been left clean by the outgoing tenants and often with just a few minor repairs the properties were ready to be let.
Tenants are very fussy with what they want and what rent they want to pay or can afford to pay.
Interestingly properties with rents under $400 per week are in high demand.
A new trend is that families (Mum, Dad and one child) are wanting to rent one bedroom units. Property owners should consider whether such tenants will pose increased wear and tear on their property.
And of course with our hot summer weather, air conditioning is a major request. Many newer units have air conditioning, but of course the rent is considerably higher.
An interesting factor regarding tenants who vacated in the December is that many had bought their own properties. This is not surprising given the low interest rates banks are currently lending at for home loans.
The North Ryde/Macquarie Business Park businesses generate a good level of rental enquiries due to employees transferring from overseas and inter state.
With the first semester at Macquarie University not commencing until March, there have been few student enquiries.
At K.G. Hurst we see rents increasing in 2014 across Sydney and have already started to prepare annual rent increase advice notices to tenants. Property owners will be advised when your tenant comes up for his/her rental increase.
January 2014 is seeing a number of our clients having renovation work done to their properties.
New carpet and paint are the regular renovations. Currently a number of kitchens are being replaced and for the first time we have a bathroom being fully renovated.
For your interest the bathroom renovation cost is almost on par with a kitchen renovation.
Sign up for updates on the right to get Property Management tips and info delivered straight to your inbox.
“Image courtesy of jscreationzs / FreeDigitalPhotos.net”