When you purchase a property to let out for rent in the Eastern Suburbs, you deserve excellent returns from it. Selecting the right property means taking a wide range of market factors into account, from home value changes to infrastructure upgrades coming to the area.
One of the most important factors is rental vacancies – anything too high means the competition can be stiff, as renters have more options to choose from. On the other side of the coin, low vacancy rates can be bad for those looking to rent a property in the area.
If you are someone who wants to buy property for investment in Sydney, particularly these luxury areas east of the CBD, then the latest figures prove you are buying into a great spot.
The Real Estate Institute of New South Wales recently conducted its Vacancy Rate Survey for the month of November, and it shows that across the city, vacancy rates are creating competition for renters. This can mean better returns for you as an investor, particularly if you use the right property management team.
Vacant homes in inner Sydney fell by 0.1 percentage points to 1.5 per cent, while this figure rose the further out of the CBD. Middle Sydney is sitting at two per cent, and the outer suburbs at 1.7 per cent.
However, if you are in the market for property in Rushcutters Bay or the surrounds, there are even better results. According to the November data from SQM Research, the vacancy rates in this suburb are sitting at 1.4 per cent.
While there are excellent opportunities abound for renters and buyers alike in the eastern suburbs, this is one particular area to be looking if you are in the purchasing market.
To find out more about real estate in Rushcutters Bay or anywhere nearby, talk to the team of experts at Ray White Double Bay – you deserve it.