Welcome to the Property North Agency Rental Market Update for March 2021.
Its been an eventful month, with the lifting of the Covid-19 Eviction Moratorium and the Northern Beaches property market growing at its fastest rates since 1988!
Well it’s official… the NSW Moratorium on Evictions is now over, with some transition periods for tenants in hardship.
So what does that actually mean…?
We have reverted back to the standard (Pre-Covid) Tenancy Regulations.
It now means regular notice periods are back for terminating an agreement – ie. If your tenant’s fixed-term agreement is up and you would like to take possession of the property you now only need to give 30days notice rather than 90days. Tenants can no longer claim Covid hardship and negotiate a discounted rent.
If a Covid hardship agreement was arranged prior to 26th of March it is still valid and there may be some termination limitations (these have yet to be outlined) otherwise, it’s back to standard regulations.
We are happy to say that all of our hardship cases have finished, so our tenants and landlords are all doing well!
The rental market has remained strong, but we are seeing the vacancy rate increase, as more rental properties come onto the market.
We have noticed that properties aren’t leasing as quickly as they were in Jan/Feb, but we still have a strong tenancy database, allowing us to get your property in front of groups actively looking for similar properties in the area.
The vacancy rate increased noticeably from 3.1% in Feb to 4.0% in March for Sydney. The Northern Beaches saw a jump from 1.9% to 2.5%.
The sales market has been going ballistic on the Northern Beaches. If you were looking at free-standing properties and didn’t buy in February it cost you around $80,000-$100,000 and we suspect March saw a similar increase.
We are seeing investors jumping back into the Northern Beaches market for almost instant capital gains… So if you are considering an investment in the area, please don’t hesitate to contact us for a realistic rental appraisal, we are happy to inspect or put together reports free-of-charge so you can make the right decision.
Contact us for more.
Property North Agency.