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
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