May has been a quieter month for the rental market, with 34 properties leased by the Chidiac team across Sydney (compared to 39 in April). While this downturn is in line with seasonal demand, we're also noticing a flow-on effect from recent visa immigration changes. In February the government ceased its Pandemic Event visa, which previously allowed temporary visa holders to remain in Australia. The departure of many immigrants under this new law has impacted demand in the rental industry, particularly in high-density areas. We're likely to see this remain over the next few months.
In the current market, we're advising landlords to consider retaining good tenants where possible and working alongside us to ensure any increases are in line with the current market conditions. We're expecting demand to shift in early August, and we'll keep you up to date with insights as they become available.
While easy transport links and accessibility are still high on the priority list for most tenants, we're not seeing any particular preferences for suburb choice. Our team is servicing options across the Inner West and Western Sydney, with interest in one-bedroom options becoming more prevalent.
We're averaging approximately 14 days on market for most rentals, with an average of 10.6 groups of people at each listing. The number of days on market is likely to go up before it comes down as we adjust to greater supply and reduced demand.
Our highest rental price in May was achieved by a property in Wentworth Point for $1,250 per week. Across the area, property sales figures have increased slightly, with a median house price of $757,100 in Wentworth Point specifically.
If you'd like a complimentary market appraisal or you have questions about the current rental market, please get in touch with our team.
