Market Update 2023 10 'rent bidding' in the media. Here's our perspective: Many prospective tenants will place a higher rental figure on their application than the asking rate. This is not something we encourage, but it's understandable. After weeks on end of inspecting rental properties, applying for them and being turned down, they offer to pay more in an effort to encourage the owner to accept their application over others. is it wrong? No. Does it work? Yes. So far, the outlook this year is modest. The lower North Shore and Sydney Metro area is a safe haven for investors. In a tricky market, it tends to weather most storms while also allowing astute investors from outer areas the opportunity to buy in. If you'd like to discuss your 2023 property investment plan, please get in touch. 2023 is off to a very busy start with our portfolio representing a very tidy 0.05% vacancy. This is very close to the Sydney Metro vacancy rate of 1.5%. A huge change in only 6 months. After our team has conducted open homes this year we have seen strong demand from international arrivals. A significant amount of people coming from overseas has been noticed at all our inspections across Sydney. In the past 6-12 months it's now fair to say that rental returns are up 10%. We have been conducting a large volume of rent reviews in line with renovations to assist our investors with increasing their rental yields to help pay for the ongoing rate rises. You might have heard about the issue of Property management update A note to our valued property investors
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