It’s 2023 and the Sydney property market continues to grow with an increase overall in value of 3.1% for January.
At SydneyLinks we look to rental property activity for early signs of growth as data often later reflects similarly in property sales. The rental market continues to rise as many overseas workers and visitors come to Sydney to look for properties to lease short-term. This type of tenant is looking for an easy property that comes furnished, with expenses included, so that they can spend their time enjoying the lifestyle that many inner-city Sydney suburbs allow for. They don’t want to outlay expenses for basic things such as kitchen utensils, appliances, furniture and white goods.
Potts Point is a great example of this, we have many property owners who are happy to lease their properties furnished for short periods of time. The suburb has a great mix of social economic groups that happily socialise and enjoy the community events, cafe culture, and the outdoor activities we are all soaking up in a post-lockdown world.
Property rental prices have increased on average from between 10 and 20% with up to as many as 30 people lining up to inspect a property on any given day. This is an extremely active rental market with high demand on properties in the area.
We see sales picking up slowly in time from January onwards. This time last year action was slow, but we now see a return to interest in property with calls for enquiries picking up within 24 to 48 hours from when a new property is listed.
With 2023 being the year many have seemingly decided it’s time to travel (or buy), is your property ready for some action? Be sure to contact Trish for all enquiries.