Competition to secure a rental property is driving up prices across Sydney, says Di Jones Real Estate.
The company’s head of investment management Bridgette Barker said the agency is experiencing high demand for three and four bedroom family homes in the eastern and northern suburbs.
“Since the beginning of 2017, we’ve seen families willing to pay above the advertised price to secure a property,” Barker said.
“In Randwick at 39 Clovelly Road, we had 17 people attend the inspection of the recently renovated three bedrooms, two bathroom home.
She said the Di Jones received six applications for the property, which included an open plan living, dining space and breakfast bar flowing out to the rear deck and extensive garden.
“Priced at $1550 per week, the demand for the family home saw someone willing to pay $1700 per week just to secure the property.
“We expect to see fierce competition continue in the $1200 to $2000 per week family home market due to the low vacancy rate that we currently see at 1.4 percent.
It corresponds to January’s Real Estate Institute New South Wales (REINSW) Vacancy Rate Survey, which saw the Sydney metropolitan market up between 0.1 percent to 2.1 percent.
“The Di Jones average days on the market for 2017 has varied from seven to 16 days and is another indication stock is low,” Barker added.