During October, we saw the cash rate drop to a historic low of 0.75% - this held steady in November as well, the Federal Government recently announced price caps for the first-home buyer deposit scheme and there was a noticeable increase in properties listed for sale in the Illawarra; but what happened in the rental marketplace?
Rental values for Wollongong remained unchanged, with the average weekly rent for houses sitting at $500 per week, and units at $420 per week. Vacancy rates in the Illawarra rose by 0.2% to 2.4% according to the October REINSW Vacancy Rate Report. This was due to most areas in the region reporting an overall rise of 0.6%; however Wollongong bucked the trend, dropping 0.3% to a 2.5% vacancy rate following September’s high of 2.8%. At Belle Property Illawarra we have consistently maintained an average vacancy rate under the industry average.
We have seen a decrease in our days on market with some properties leasing after only one open home, such as 21 Gorrell Crescent, Mangerton. 13 groups inspected this stunning family home last weekend, and we received 6 applications. Due to the high demand to secure the property we achieved $1100 per week rent, $50 higher than the asking price - a fantastic result for our landlord.
To find out more about our Property Management services please contact our team today, we’d be delighted to assist you.