Tag archive: Sydney

Sydney Rental Vacancy Rates Hit Record High

Rental prices in Sydney are expected to continue slipping as vacancy rates reach a 13-year high.

A report by property analysis firm SQM Research found that 2.8 per cent of Sydney’s rental properties were empty in June, increasing by 0.3 per cent from May and almost a full percentage point from a year ago.

SQM’s managing director Louis Christopher said the figures could be attributed to the rising supply of new apartments and the easing population growth due to people’s move to cheaper cities and regions.

“Sydney rents are now down for the year and it is likely rents will continue to slip as there is still a lot of supply coming in the pipeline,” said Christopher in the report.

“I believe Sydney will shortly record a fall in its population growth rate due to a relatively recent steep rise in interstate migration towards Queensland.”

The buyers’ market is also cooling, with home prices falling by 4.9 per cent over the past year. According to CoreLogic, this is caused by stricter loan terms, increase in number of listings, and declining activity from local and offshore investors.

“I think this is the only time in my career that I can say with certainty that Sydney is now a buyer’s and a renter’s market, simultaneously,” said Christopher.

When is the Best Time of the Year to Buy Property?

As 2017 is ending soon, it is the perfect time to set your financial goals and plans for the next year. This might include buying property. However, what time of the year would be the best to purchase real estate in Australia?

Experts vary on their opinion. Advantage Property Consulting director Frank Valentic said the end of the year marks the “prime buying time”, due to the lead-up to the Christmas holiday.

“At this time of the year, particularly leading up to Christmas, some vendors are getting very keen to be done and dusted … They want to get a deal done this side of Christmas and go off on holidays and not worry about inspections and cleaning the house,” Valentic told news.com.au.

John Cunningham, president at Real Estate Institute NSW, also has similar views. “Many sellers will have already bought their next home and will be under a lot of pressure to sell before the real estate industry shuts down over January,” Cunningham told the Daily Telegraph.

However, the right time to buy also depends on other matters, such as seasons and personal conditions. For example, spring and summer are the best times to inspect coastal houses, while winter and autumn would be better suited for regional villas.

If you need more advice on property buying, consider consulting local real estate agents to find out more information about market trends and best purchasing times.