SUMMER HILL end of financial year REPORT 2023
I hope that when we meet you, it is the beginning of a life-long partnership. The Inner West market has shown remarkable resilience this year, despite a challenging economic environment; the result of multiple interest rate rises, a shortage of stock and ongoing inflationary pressures. In particular, the last quarter has seen strengthening market conditions with a combination of strong buyer activity, positive sentiment and high auction clearance rates contributing to the strong sales prices observed in Summer Hill and the broader Inner West market. As widely reported this year, the rental market has recorded its lowest vacancy rates, dropping to a low of 0.5% across the Inner West market. With fewer properties available to rent, competition among tenants has significantly increased, leading to rising rental prices. Landlords have been able to secure higher rental yields due to the strong demand for rental properties, however, a counter to this, is that many landlords are also facing significantly higher mortgage repayments as a result of increasing interest rates. Despite some challenges for buyers this year, the Inner West real estate market continues to offer attractive investment opportunities . The high demand for both sales and rental properties in this desirable location has made it a popular choice for investors looking for long term capital growth and rental income in the past 12 months. At Harris Tripp we continue to work as closely as ever with our clients on all fronts. We understand the need and importance to assist the local community in selling, buying or renting a property in these trying times and for the years ahead. As we continue to evolve after 50 years, we have greater market share than we did 12 months ago, we have sold over three times as many homes and apartments as our nearest competitor in the suburb and our clearance rate for the financial year sat at 91%. As the market transitions into the new financial year, there is still some uncertainty and the impact of rising interest rates and stock levels are expected to continue to shape the Inner West market in the near future . However, as the market adjusts to these conditions, it is possible that more properties will come onto the market alleviating some of the supply constraints. This could lead to a more balanced market in the next 12 months with potentially slower price growth. However, with sound marketplace fundamentals there is good reason to be positive with the outlook for the year ahead. Our ability to pivot our business practices to swiftly navigate the changing landscape of the property market has reinforced that our core principals, processes and strategies are solid and have ensured we continually achieve exceptional results for our clients. If we can assist you with any of your property needs, please don't hesitate to reach out to myself or the team. Jay King Dear neighbour, -Jay King Principal & Head of Sales
RESULTS FY'23 harris tripp #1Voted Best Agency for Summer Hill 2020, 21, 22, 23 Agency for New & Leased Listings Inner West 2020, 21, 22, 23 8.4Net Promoter Score from new tenants 134 properties SOLD 54 houses 80 apartments $194M total sales value #1 688 properties LEASED 22,604 enquiries answered 3,220 inspections conducted 2,496 applications processed 887 leases renewed 2,583 routines MANAGED 3,007 repairs completed to visit our website Scan
41% 36% JULY 2022 JULY 2023 sold in Summer Hill is sold by EVERY THIRD apartment SALES FY'23 summer hill HARRIS TRIPP MARKET SHARE EVERY SECOND house sold in Summer Hill is sold by +5% YoY AVERAGE SALE PRICE SH market Harris Tripp APARTMENTS HOUSES 35Houses sold in Summer Hill 19Of these houses were sold by Harris Tripp 74Apartments sold in Summer Hill 31 Of these apartments were sold by Harris Tripp *CoreLogic RPData - July 2022 - July 2023.
59 Morris Street Summer Hill 272 Old Canterbury Road Summer Hill 117 Carlton Crescent Summer Hill 178 Smith Street Summer Hill 68 Kensington Road Summer Hill 27 Regent Street Summer Hill 41 Herbert Street Summer Hill 13 Fleet Street Summer Hill 1 Edward Street Summer Hill 134 Old Canterbury Road Summer Hill 50 Moonbie Street Summer Hill 81 Prospect Road Summer Hill 29 Nowranie Street Summer Hill 50 Smith Street Summer Hill 10 Junction Road Summer Hill 11 Wellesley Street Summer Hill 20 Nowranie Street Summer Hill 16 Bogan Street Summer Hill 28 Bartlett Street Summer Hill 2 Bogan Street Summer Hill 8 Flour Mill Way Summer Hill 14-16 Nowranie Street Summer Hill 4 bed | 2 bath 4 bed | 2 bath 4 bed | 2 bath | 2 car 4 bed | 2 bath | 2 car 3 bed | 1 bath 3 bed | 1 bath 4 bed | 2 bath | 2 car 4 bed | 2 bath 3 bed | 1 bath | 2 car 4 bed | 2 bath | 2 car 2 bed | 1 bath 6 bed | 2 bath | 1 car 2 bed | 1 bath 3 bed | 1 bath 4 bed | 1 bath | 2 car 3 bed | 1 bath 2 bed | 1 bath | 1 car 3 bed | 1 bath 4 bed | 2 bath | 2 car 6 bed | 6 bath | 5 car 3 bed | 2 bath | 2 car 4 bed | 3 bath | 2 car HOUSE SALES FY'23 summer hill 3/39 Smith Street Summer Hill 2/39 Smith Street Summer Hill 18/100 Carlton Crescent Summer Hill 156 Old Canterbury Road Summer Hill 13 Spencer Street Summer Hill 24 Grosvenor Crescent Summer Hill 15/100 Carlton Crescent Summer Hill 43 Carrington Street Summer Hill 12 Seaview Street Summer Hill 10 Wellesley Street Summer Hill 19 Rosemount Avenue Summer Hill 124 Smith Street Summer Hill 4 Fleet Street Summer Hill 3 bed | 2 bath | 2 car 3 bed | 2 bath | 2 car 3 bed | 2 bath | 1 car 5 bed | 1 bath | 2 car 3 bed | 1 bath | 1 car 6 bed | 7 bath | 1 car 3 bed | 2 bath | 2 car 2 bed | 1 bath | 1 car 5 bed | 3 bath | 2 car 5 bed | 2 bath | 1 car 3 bed | 1 bath | 1 car 2 bed | 1 bath 2 bed | 2 bath 54%of all houses sold in Summer Hill in FY'23 were sold by Harris Tripp *Harris Tripp sale for all current & sold listings Scan
Jay is a responsible & honest agent with high expertise in sales & marketing. He was willing to get the best market value price for both parties involved. Our reserve was reached on the day of the auction & it kept on going. WOW! Thanking him personally on a job well done along with his team. We were overwhelmed....great auctioneer too! 4 bed | 2 bath | 2 car 19Pigott st DULWICH HILL Jay King Sharon Skrabanich 2 bed | 1 bath | 2 car GUIDE $1,600,000 SOLD $1,855,000 286 enquiries 195 groups inspected Sold at auction -Vendor 19 Pigott St, Dulwich Hill SUMMER HILL 134 Old Canterbury rd GUIDE $2,200,000 SOLD $2,510,000 174 enquiries 84 groups inspected Sold at auction Professional & thoughtful Sharon provided a professional & friendly experience for us, all the way through the sale process, that ensured everything went as smoothly as possible. We especially appreciated her thoughtful & generous approach to handling all the last minute issues that arose. -Vendor 134 Old Canterbury Rd, Summer Hill
SUMMER HILL SUMMER HILL 2 bed | 1 bath GUIDE $815,000 SOLD $929,000 BLOCK RECORD 51 enquiries 61 groups inspected Sold in 10 days - prior to auction Jordan provided me with exceptional service when selling my property. He kept me updated during the entire sales process, informed me of all important events, provided his expert opinion in tricky situations, & took the time to listen & understand my opinions & position. Jordan is friendly, easy to talk to, very knowledgable about the Inner West market, very honest & open in his dealings, a true workhorse. I will recommend him to all my clients, family & friends. Professional, dedicated, insightful & trustworthy. Michael was an excellent choice for selling our home, with sound advice and great insight into the market. He worked extremely hard and was constantly professional. We are delighted with the result and with Michael, Kristian and the Harris Tripp team. 4 bed | 2 bath 272 Old Canterbury rd 5 | 36Sloane st Michael Poynting Jordan Dias -Vendor 5/36 Sloane St, Summer Hill -Vendor 272 Old Canterbury Rd, Summer Hill GUIDE $2,200,000 SOLD $2,400,000 22 enquiries 73 groups inspected Sold in 14 days - prior to auction Agent of the Year 2023, 22 & 21
LEASE & MANAGEwith experience Agency for new & leased listings 2020, 21, 22, 23 #1 2022 REINSW Property Management Team of the Year – FINALIST 2022 REINSW Business Development Manager of the Year – WINNER Rental Price Increases The Sydney rental market continues to experience significant growth, due to lower than ever stock levels across the board. This tight rental market is placing immense pressure on renters, driving vacancy rates lower than we’ve seen- a trend that is no longer specific to the Inner West, but rather across Australia. The counter to this scenario is the rising interest rates putting pressure on landlords whose mortgages have significantly increased, with some owners even forced to sell. This is contributing to higher than ever churn rates of properties under management. Rise In Immigration Migrants tend to reside excessively in the Inner West Availability of employment are within the local area Availability of transportation hubs & universities The rise in immigration is further exacerbating the rental pressures. There are multiple factors that come into play, all which are collected from our census data: Investor Activity There is a positive trend developing, as investor activity in the market is rapidly increasing, particularly compared to the period during the pandemic. The involvement of more investors is expected to enhance rental availability & alleviate some of the rent pressures, but it will take time for these changes to take effect. The number of new rental properties entering the market each month is relatively small compared to the overall size of the rental market. Vacancy rates: 1.7% 1.5% 0.65% SYDNEY INNER WEST HARRIS TRIPP Ashfield Summer Hill 0.9% 1% Marrickville Dulwich Hill 1.1% 1.1% Lewisham 1.4% Stanmore Petersham 1.5% 1.5% Vacancy rates by suburb:
We’re never just collecting rent. We’re always thinking strategically about how we can maximise your return, always offering transparent advice & an in-depth understanding of market conditions, so that you can capitalise on your investment. 50+ years leasing & managing property in the Inner West. 100+ years of team property management experience. Landlord information portal for essential FAQs and videos. 12 pieces of technology onboarded in the last 12 months. Average 2 day turnaround for minor repairs. 24 hour maintenance chat bot to assist tenants logging repairs. Digital lease signing, so it’s convenient for you. Tenant information portal for essential details regarding your lease. Tenant FAQ’s and videos on website. OURdifference 8.4 Net Promoter Score from new tenants 9.2 Net Promoter Score from new landlords 100+ FOR LANLORDS FOR TENANTS Dedicated Investor Relations team to provide current advice on maximising your investment. -Chris Afsari Investor Relations Manager Scan to meet Chris & learn more about our difference
OURcommunity Here at Harris Tripp we are incredibly proud of our partnership with Little B.I.G. House and wanted to give a big shoutout to the amazing work they do every day. Australians feel lonely at least some of the time and nearly half of Australians don’t have neighbours they can call on for help. So Little B.I.G. House is on a mission to curate spaces that welcome the entire community and break down the barriers that keep us away from one another. Check out some great events on at the Little B.I.G. House to show your support for the local community! 1 in 3 Bicycle advocacy group Fiddles & More Concert Book Club Yoga, boxing or x-train Senior’s Group Flour Mill Markets Safe Space Parents Group Coworking Mondays Every Monday Every Tuesday Every Fri & Sat Every 1st & 3rd Sunday Every 1st & 3rd Thursday Every Mon - Fri (except school holidays) Last Tuesday of the Month Last Friday of every month Bimonthly Monday evenings The Little BIG House is your neighbourhood hub, where all locals are welcome to come and hang out, join a free event or host an activity that’s good for the ‘hood’. MONTHLYevents
L VElocal Continuing to support local is more important than ever. By spending locally, all our favourite traders will be in business for many years to come. Pop by these participating traders with our booklet to receive their Love Local specials. We love the Summer Hill community and we love sharing support for our local village traders. Proud to be your #1 local agency Small salad 1 FREE *With a purchase of any 2 large salads Can of Coke 1 FREE *With a purchase of a Lasagna Can of Coke $12 WRAP + 10%OFF $10OFF Sydney's Inner West Souvenir Print @STUDIOUMOYA Unit 4/69 Carlton Cres Summer Hill @SUMMERHILLVILLAGEFRUITSHOP 30 Lackey St Summer Hill 10%OFF Your Next Class @PUREAPOTHECA 116 Smith St Summer Hill @SWEETSWORKSHOP 4/58-60 Carlton Cres Summer Hill Online booking code: HTb10723 Storewide
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