SBP November 2024 Market Update
SBP Realty: Finalist for the Urban Developer Award
We are thrilled to announce that SBP Realty was nominated as a finalist for the Urban Developer Award in the Real Estate category. This recognition is a testament to our team’s hard work, commitment, and the trust our clients place in us. Being recognised among the industry’s best inspires us to continue pushing boundaries and delivering exceptional service. Thank you for your ongoing support—achievements like this wouldn’t be possible without you! |
Key Market Insights
- Record-High Rents: The median weekly rent for houses has reached $750, marking a 13.6% increase over the past year, while units are at $700 per week, both figures hitting record highs.
- Low Vacancy Rates: Sydney’s vacancy rate is approximately 1.5%, indicating a severe shortage of available rentals, leading to heightened competition among tenants.
- Cash Rate Remains: As of October 2024, the Reserve Bank of Australia (RBA) has maintained the cash rate at 4.35%, with inflation still above the target range.
Important Legislation Update: What You Need to Know
Recent legislative changes in NSW bring enhanced clarity and protections for renters while supporting landlords through greater transparency. Key updates include:
- No-Grounds Evictions Ending: Landlords must now provide a valid reason for evictions, whether during a fixed-term or periodic lease, promoting greater stability for renters.
- Extended Notice Periods & Compliance Measures: Notice periods have been extended to 60–90 days based on lease length, and landlords are required to provide verifiable evidence for eviction claims, with penalties for misuse.
- Pet-Friendly Policies: Encouraged guidelines make it easier to consider pets while offering safeguards for property owners.
