Over the last month, we have seen the cash rate drop again to another historic low of 0.50%, an increase in the amount of sales transacting as well as strong auction clearance rates; but what is happening in the rental marketplace?
Rental values for Wollongong have had a slight increase over the last couple of months, with the average weekly rent for houses sitting at $540 per week, and units at $425 per week.
Vacancy rates in the Illawarra rose by 0.2% to 2.9% according to the the latest REINSW Vacancy Rate Report. “Agents have let us know there are a lot of new developments in the area – mainly for student housing – boosting Wollongong’s vacancy rate,” Leanne from REINSW says. “Demand for student housing has also led to established residents in the area renting out their granny flats and rooms, which is also a contributing factor.” However at Belle Property Illawarra we have consistently maintained an average vacancy rate less than the industry average, and our vacancy rate is currently less than 1%.
We have also seen a decrease in rental days on market for this month, with our average sitting at half the industry average for the area. Many properties are leasing after the first open home, such as 16/2 Burelli Street, Wollongong.
If you’d like to discuss our property management services and the strategies we use to achieve these results, contact us on 4228 0888.
Find out more about us at belleproperty.com/illawarra