Sydney’s rental market is one of the most sought after in the country, and in light of the latest figures, it’s not difficult to see why. Landlords throughout the Harbour City have continued to enjoy strong returns on their investments, according to the CoreLogic RP Data December Rental Index.
While many cities have seen their rents fall over the past year, this was not the case in Sydney. The current weekly rental rate stands at $595, up 0.1 per cent from the previous month and 1.9 per cent from a year earlier.
Meanwhile, the combined capitals index registered a yearly fall of 0.3 per cent. If you’re thinking of investing and need a hand with property management in Carlton, then now could be the right time to strike as the market continues to expand.
Yields in the New South Wales capital have continued to rise, standing at 3.4 per cent as of 31 December last year, up 3.7 per cent from 12 months earlier.
There’s an added bonus if you’re investing in Carlton property to rent, as figures from the Real Estate Institute of New South Wales (REINSW) show there has been a fall in the number of available homes. As demand for properties increases, landlords may find the situation works to their advantage.
REINSW noted that in November 2015, there was a 0.2 per cent drop in the number of homes available to rent. This brought the city’s vacancy rate down to 1.7 per cent.
“The popularity of inner Sydney was recognised during the month of November and the flood of new apartments reaching completion declined to see vacancy rates hit their lowest level since May,” said REINSW president John Cunningham.
Are you hoping to become a landlord in Sydney this year? Speak to the team at Ray White Carlton for an insight into the market and what properties are available for investment.