Staying in rental property in Carlton may seem like a more attractive option to some people in the Sydney area, as it emerges that fewer homes are currently available for sale. May data from SQM Research shows that on a national basis, the number of properties listed for sale decreased 3.3 per cent from the previous month, but it was quite a different story in the New South Wales capital.
Compared to a year earlier, stock listings in the Harbour City were down 14.5 per cent, putting pressure on anyone hoping to buy a home of their own. This made it the second-largest annual rise out of all the capitals, ranking only underneath Melbourne.
However, there has been some respite for the Sydney market over the past few weeks, as listings started to pick up pace between April and May. The New South Wales capital witnessed an 11.8 per cent month-on-month increase – although there are already concerns that this might not continue.
"While it is pleasing to see the rise in listings for May, particularly in Sydney, I am not so sure this is going to be carried forward in the current month of June," noted managing director of SQM Research Louis Christopher.
"Anecdotally I am seeing evidence that the May listings have been quickly absorbed and we are currently back to record low levels of stock, particularly for Sydney and Melbourne."
Sydney investors are also enjoying rises in property prices at the moment, as revealed by the May CoreLogic RP Data Home Value Index. The city has seen annual price rises of 15 per cent, bringing total gross returns to 19.4 per cent.
If the market is as tight as SQM Research suggests, now could be a good time to invest in property in the area. Speaking to the team at Ray White Carlton is a good place to start, as we can advise you on where you can invest your money wisely.