Northern Beaches rents hold up with demand remaining strong
Rents remain strong across our properties under management located on the Northern Beaches, signalling great news for many landlords in recent months. Compared to the out of area properties which we also manage, the Northern Beaches market appears to be holding up much better, with a general shortage of rental supply compared to inner city areas for example, where vacancy rates have shot up exponentially due to an oversupply of vacant property.
Low stock coupled with an increase of renters moving out of the inner city due to covid-19 as well as the liveability element of the Northern Beaches have contributed to the high rental yields, we are presently experiencing.
Good quality homes continue to be highly sort after
Currently demand for high calibre property is simply unable to be met. The overwhelming demand for good quality homes in the latter part of 2020 has equated to a supply shortage within a vast number of popular Northern Beaches postcodes. At Whitehouse we have been inundated with inquiry from a surge in people seeking good quality family homes or duplexes to rent in the $1,000+ per week price bracket.
Spring helped carry this momentum forward coupled with a better than expected bounce back in the property sector overall. Despite these reasons, the Northern Beaches rental market has remained fairly even. Most typically we have seen a constant stream of families seeking more space or executives upsizing, requiring an additional room or home office due to working from home requirements. We are also seeing many families wishing to commit to longer rental agreements due to less anticipated travel.
The high liveability factor and lack of stock has kept rental properties around the Manly and Northern Beaches areas in demand. 1/159 Condamine Street Balgowlah was recently sold by Whitehouse Real Estate and then leased through our property management team as an executive style rental.
As a reminder to landlords, the NSW Moratorium on Evictions has been extended until the 26th March 2021, meaning all lease terminations require a minimum of 90 days’ notice regardless of whether it is the end of the lease, or a breach of the tenancy agreement.
If you would like to speak with one of our property managers about potentially leasing your property, we would be delighted to provide you with a free rental market appraisal.