Although the market conditions have changed lately, the acreage market is still performing well. Buyers are still looking for more space and privacy, including the flexibility to work from home. The appeal of being secluded and on a large block that is so close to all amenities, the beaches and the M1 is still bringing buyers forward in solid numbers. Our exclusive acreage database is full of finance-ready quality buyers looking to spend between $1,500,000 - $3,500,000, with flexible settlement terms available. If you have been considering a move then now is the perfect time. ACREAGE SUMMARY Successive rate rises in the early part of the year, and a general increase in the cost of living cast a shadow over the rental market for much of 2023. There was plenty of cause for concern. Landlords wondered where the extra money was coming from to cover the increasing holding costs of their investment property. Tenants often already walking a fine line of affordability contemplated what the future might hold if rents were to increase further. Thankfully the good news was that for the most part investors and tenants alike managed to navigate their way through the process. A recent article from Macquarie Bank called the response to rate rises an “orderly unwind as opposed to a big downturn”, and we think that is a pretty good assessment of what we have seen in the local rental market throughout 2023. Rental prices have remained strong throughout 2023 despite a doubling in vacancy rates compared to this time last year. While the media like to throw around the term rental crisis, this needs to be qualified in light of more localised market trends to get a true reflection of what is really happening. Some of the local drivers for an increase in vacancy rates this year are workers returning to the city, younger tenants taking the opportunity to travel overseas or move back home to save money, homeowners reacting to the lockdown experience taking a year out to travel Australia and renting their homes to help fund the trip, and people converting holiday lettings into longer term rentals. We regularly monitor days on market through the lens of tenant inquiry, inspections, and application numbers across a range of properties to look for emerging trends that may impact landlords, and help them incorporate this information into their decision making. What 2023 will be most remembered for, however, at least at Ray White Long Jetty, was our very own Senior Property Manager Jess Sclater becoming a mum for the first time, as she and Jeremy celebrated the arrival of baby Emma Olive. Reminding us all that despite all the negative talk of interest rate rises, real estate crashes, and rental crises, life is a precious gift and always will be. PROPERTY MANAGEMENT OVERVIEW Michael Melville Licensed Real Estate Agent & Acreage Specialist Lily Morris Property Manager Jonathan McCaig Senior Property Manager
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