Spring 2022 Changes
In a post-Covid world Australians are not alone in confronting the rising costs of living, interest rate increases and new trends in the property market. What we saw during the pandemic was a hold-off from interest rate rises. Now we are seeing the outcome of that, which is a fast reaction from the market to stop inflation and a series of quick and regular interest rate rises.
Locally, the SydneyLinks team has noticed a shift towards more serious buyers in recent weeks and months. During the winter months, buyers for property were significantly down, and the buyers that we did see weren’t always serious buyers. Spring 2022 has seen a shift away from this with numbers of serious increasing greatly, meaning more offers and room to negotiate for property owners.
In early September we had serious offers during inspections including an offer on a studio apartment on the spot for $430k.
In one week, SydneyLinks picked up 8 new properties for lease. This is a huge increase in rentals which has been coupled with dramatic increases in rental prices. Many applicants have pursued higher amounts, and we have seen upwards of $100 increases for most properties. Pleasingly, our team has retained 90% of lease agreements during the price increases and negotiations with current tenants.