From the Boss' Desk... January 2021 Market Update

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31 January 2021

 

Residential Sales Market

The demand for property in the Highlands remains strong – with excellent numbers through open houses, increasing numbers of people indicating their intent to move from Sydney in particular, and often multiple parties vying for available property. This pandemic created trend looks set to continue, at least for a while.

What do we need? More property to satisfy the current hunger for the area! Whilst this hot market sounds terrific – it can lead to a sense of inertia amongst those who live here and want to move. Some have an anxiety that whilst they might sell well, where will they go?

Suffice to say, if you have a home you’d like us to appraise please call us on 4861 0666

 

Residential Property Management

Just like the sales market, the rental market is being pushed along with strong demand. Our vacancy number has remained in the single digits right through the summer so far: a market situation we have never seen before. Normally this would be a season of high tenant churn and high vacancy: not this year. An obvious consequence is that it is becoming typical for rents to rise a little (or in some cases a lot) when leases roll over, or rent can be reviewed.

It is pleasing that, for the most part, the pandemic created issues of compromised household income and consequential rent arrears are now behind us. But, that said, we still do have a small number of cases where we and the landlord are obliged to work through difficult situations with a tenant. The temporary State Government regulations to protect tenants during the COVID pandemic are still in place until March.

Clearly this high demand has created a shortage of rented property. So, again we ask, if you, or someone you know, has a property that presents an opportunity for us to find a home for those looking, please contact us. 

 

Commercial Department

 

I think it is fair to say that the commercial property market has now recovered its mojo. We have only a small number of tenants paying off rent deferred during the worst of the pandemic: many who had deferrals have paid them off well ahead of time. We now have only a small handful of cases where the tenant is having continuing difficulty. All this speaks the to recovery of our local businesses: some are doing a lot better than prior to the pandemic. 

 

 

 Wishing you all a very Happy New Year! 

 

Cheers...

Geoff O'Reilly and the Highlands Property and CIPS Team