07 June 2024
We have had strong May results for Cunninghams Property Management and Leasing Team. May has been a robust month for our property management and leasing team, with 39 properties successfully leased across the Northern Beaches. This high demand continues to highlight the shortage of available stock in the market, maintaining vacancy rates at historic lows. The ongoing scarcity of rental properties underscores the attractiveness of investing in this market, as tenant demand remains strong and consistent, even as we head into the traditionally quieter months of winter.
Key Market Indicators – Cunninghams:
– Properties Leased in May: 39
– Total Properties Leased in 2024: 187
– Average Days on Market (YTD): 6
– Average Weekly Rental: $1,033
With Cunninghams’ average weekly rent hovering around the $1,000+ per week mark for 2024, there has been a noticeable shift towards more affordable housing. Many demographics are downsizing to reduce costs, and young professionals are increasingly opting for shared living arrangements. This trend is supported by data from flatmates.com.au, which recorded a 25% increase in membership over the past year, reflecting a coping strategy against rising living costs.
CoreLogic‘s latest mortgage data shows a significant 42.5% increase in investor lending across NSW, suggesting a resurgence of confidence in the property investment sector. While interest rate uncertainty and rising living costs have somewhat dampened investor confidence over the last six months, the enduring high demand for rental properties highlights the ongoing appeal of property investment, especially here on the Northern Beaches.
