NSW Rental Rates Remain Unpredictable
New analysis points to a tightening in residential vacancies across February.
< 1 min
The residential rental market across New South Wales remains erratic.
Fresh data from the Real Estate Institute of New South Wales (REINSW) Vacancy Rate Survey indicates vacancies for Sydney overall tightened last month and now sit at 3.1% (-0.5%).
“Sydney’s inner ring dropped to 3.7%, a decrease of 1.1% for the month,” REINSW CEO Tim McKibbin said. “Similarly, the outer ring dropped by 0.6% to 1.9%. Bucking the trend, the middle ring remained relatively stable, experiencing only a slight 0.1% rise to 4.3%.”
Sydney’s inner ring includes suburbs in LGA’s inclusive of Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra. While the ‘middle’ is identified as LGAs Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughb and ‘outer’ includes Baulkham Hills, Blacktown and Blue Mountains.
However, if the last 12 months have taught us anything, it’s that the residential rental market remains unpredictable, moving up and down month after month.”
Beyond Sydney, vacancy rates remained stable in the Hunter region up to 1.3% (+0.1%), while the Illawarra region rose to 2.1% (+1.0%).
Vacancy rates across NSW regional areas — such as Albury, the Central West, Murrumbidgee, New England, Northern Rivers and South East areas — all fell in February.
“Feedback from our members in these areas indicates that stock is extremely tight, as tenants continue to exit the Sydney residential rental market to secure a property that suits both their budget and desired lifestyle,” added McKibbin.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
A new digital real estate site promises a full view of the housing sector, even those places not on the market
2 min
Hot on the heels of the launch of View Media Group last year, Australia’s newest proptech digital media company has gone live with its consumer-facing real estate site, view.com.au.
The new site offers a ‘freemium’ model allowing vendors to list their properties for free while having the option of further upgrades for agents looking to enhance their listings.
VGM executive chairman Anthony Catalano said the model was a ‘game changer’ in the digital real estate space.
“While VMG is much more than a portal play, it’s critical that we have a consumer-facing brand that will act as the front door to attract consumers and in turn allow us to offer products and services in a range of verticals across the property ecosystem,” Mr Catalano said. “Our plan is to create a digital real estate superstore under the new View brand that will play in the $300 billion adjacency categories rather than solely focus on the $1
billion of digital property advertising.”
“We’ve listened to the industry and the time is right for an offer to come to market with an alternative model that addresses the real estate industry’s concern at the continually
escalating price of advertising.”
The View portal is available through app stores and will include properties across the country, not just those on the market right now.
“That means view.com.au will showcase more than 11 million properties in Australia compared to some of the portals which feature around 140,000 properties for sale,” Mr Catalano said. “From Day 1 we will provide consumers with a complete view of the market.’’
View has worked with mapping partner Nearmap to create the ability to have a comprehensive overview of all properties.
“We’ve had a look globally at best practice search for property and we’ve consumer tested a range of options and without doubt the preferred experience is map-based search,” View CEO Toby Blazs said. “So unlike others in the market who default consumers to a list view, we’ll default our search results via a map.”
Mr Catalano said the innovative site was designed to be a true disruptor in the proptech sector.
“VMG continues to grow and tick off the key parts of its strategic plan,” he said. “We are well on the way to forming a global-first conglomerate of proptech assets including portals, ad tech, lead generation, lead management solutions, media planning and buying, AI services, data and connections all under the one roof.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
