Sydney is renowned for having one of the tightest rental markets in the country, but the latest data suggests this situation may finally be on its way to being rectified. The April 2015 Vacancy Rate Survey from the Real Estate Institute of New South Wales (REINSW) found that 1.9 per cent of rental properties were without tenants, the same as the previous month.
As a result, now could be just the right time to invest in Bexley rental property. Sydney seems to be benefiting from a steady flow of tenants, which is just what landlords need to make their investment worthwhile.
"Inner Sydney vacancy rates peaked in February at 2.4 per cent and we are likely to see stock levels rise again as more new apartments near completion in the coming months," acknowledged REINSW President Malcolm Gunning.
"This will see vacancy rates start to trend upwards again, which will provide a wider selection for those looking to rent."
Data also showed how the vacancy rate has improved across other parts of the city. In inner Sydney, for example, the number of vacancies fell from 1.9 per cent to 1.7 per cent between March and April. This compared to a 0.3 per cent increase in the outer rings of the New South Wales capital.
If you are thinking carefully about buying a Bexley rental property, then you might want to act sooner rather than later. This is because the REINSW predicts that the median house price in Sydney could reach $1million as soon as the end of this year.
As a result, the group is calling for action to be taken in order to bring down house prices and ensure properties become more affordable for the masses.
To get your foot firmly on the Sydney property ladder, be sure to get in touch with the team at Ray White Carlton.