Sydney Rental Market Update | July 2020

Welcome to our monthly rental market update!

What a roller coaster the last three months have been! Last month was the downslide of the roller coaster – where you take a few seconds of break between the heaviest dips and slides.

Mass tenant exodus and requests for rental relief and reduction experienced since the start of COVID have somewhat calmed down now. However, there are still more supply for rentals so rental prices are still down. 

July leasing results: 

  • A total of 19 properties were leased during the period 1/07/20 to 1/08/20
  • $565 is the average rent for each property leased (approximately down 28% compared to pre-COVID period)
  • 27 is the average days on market (approximately 7 days more compared to pre-COVID period)

Rental market summary: 

  • Mass tenant exodus has slowed down
  • Still lots of properties on the market
  • Rent prices have still dropped approx 28% compared to pre-COVID

 

 

 

 

 

 

 

 

What we have done last month: 

  • We have put one additional property manager and a leasing consultant so we service our clients better and more thoroughly – no balls dropped during the busy period!
  • We’ve gone 100% paperless to protect everyone 
  • Tenant assisted routine inspections have successfully rolled out

List of leased properties for July 2020:

  • Address (Bed, Bath, Carpark): Rent Achieved
  • 299 Abercrombie Street, Darlington (S,1,0): $350/week
  • 11 Alberta St Sydney (1,1,0): $510/week
  • 91 Arthur Street, Rosehill (S,1,0): $250/week
  • 303 Castlereagh Street, Sydney (2,2,0): $600/week
  • 148 Elizabeth Street, Sydney (1,1,0): $500/week
  • 569 George Street, Sydney (2,2,1): $680/week
  • 28 Harbour Street, Sydney (2,2,1): $625/week
  • 361 Kent Street, Sydney (1,1,0): $445/week
  • 91 Liverpool St, Sydney (1,1,1): $580/week
  • 93 Liverpool St, Sydney (2,2,1): $900/week
  • 29 Newland St, Bondi Junction (1,1,0): $$380/week
  • 343 Pitt St, Sydney (2,2,1): $750/week
  • 35 Shelley St, Sydney (2,2,0): $680/week
  • 148 Elizabeth Street, Sydney (3,3,0): $750/week
  • 420 Pitt Street, Sydney (2,2,1,): $700/week
  • 35b Upward St, Leichhardt (2,2,1): $600/week
  • 17 Done St, Arncliffe (1,1,0): $380/week
  • 17 Done St, Arncliffe (1,1,0): $380/week

Teejay Seo If you would like an obligation free investment health check please call Teejay Seo on 0401 295 604 or email teejay@metrorealty.com.au

 

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