Over the last month, we have seen lockdowns continue, an increase in average sales prices, as well as strong auction clearance rates; but what is happening in the rental marketplace?
Rental values for Wollongong have increased over the last six months, with the average weekly rent for houses sitting at $550 per week (a 7.8%increase), and units at $450 per week (a 2.3% increase).
Vacancy rates in the Illawarra dropped to 1.2% according to the latest REINSW Vacancy Rate Report, down from a February high of 2.1%.
We have also seen a decrease in rental days on market for this month, with our average sitting at less than half the industry average for the area.
"We've definitely seen a shortage of rental stock over the past six months. Tenant demand is outstripping supply, which is resulting in some great prices for our clients and lower days on market" said Investment Consultant Melanie Whant. "The combination of high-quality marketing with an experienced local agent shows what can be achieved with a premium real estate agency managing your investment property.” If you’d like to discuss our property management services and the strategies we use to achieve these results, contact us on 4228 0888.