In October, Sydney’s rental market continued to show signs of steadying, with shifts in tenant activity and leasing trends. Compared to the same time last year, leasing activity has decreased, while average days on market have risen slightly. October also brought new tenancy legislation, with reforms set to roll out in early 2025 that impact how lease terminations and tenant requests—such as those related to pets—are managed across NSW.
Leasing Trends and Market Activity
Properties Leased: Chidiac Realty leased 34 properties in October, showing steady demand despite a decrease from the higher leasing levels of October 2023. In Wentworth Point specifically, 21 properties were leased by Chidiac out of 116 total properties leased in the suburb, securing an 18% market share. This reflects a 5% decline in leasing activity from September, in line with the overall trend of a steadying rental market.
New Listings: Chidiac Realty listed 28 new properties in Wentworth Point, while the suburb saw 114 new listings overall, down 10% from last month. Our market share of 24% highlights our strong presence in the area. The decrease in new listings also indicates a steadying market, as tenant turnover reduces with more landlords opting to renew leases with existing tenants.
Days on Market
Over the past year, Chidiac Realty has maintained efficient leasing times, keeping days on market below suburb averages:
Median days on market for Chidiac Realty properties remained at 11 days, compared to longer periods in Wentworth Point and other areas.
Average days on market over the rolling year stood at 13.3 days, reflecting our commitment to proactive tenant placement and efficient leasing in a steady rental market.
Rental Rates and Tenant Enquiries
Tenant demand for well-priced, steady rental properties was evident in October’s leasing rates:
The median rent for a 1-bedroom in Wentworth Point leased by Chidiac Realty was $650 per week, a 5% increase compared to the same period last year.
For 2-bedrooms, the median rent was $776 per week, reflecting a 6% year-on-year increase.
Our median rent over a rolling year (Nov 2023 – Oct 2024) stood at $710 per week, with 412 properties leased this year.
Enquiry Activity
Enquiries decreased significantly in October, with 379 enquiries total, averaging 6.89 per property. This represents a 35% decline from September’s average of 10.72 enquiries per property. As tenants now have a greater selection of properties, rental prices have steadied, resulting in slightly longer days on market.
New Legislative Tenancy Reforms
In October, significant tenancy reforms were passed, introducing new regulations that affect lease terminations and tenancy requests:
No Grounds Eviction Ban: Landlords must now provide a valid reason for ending a tenancy.
Limitations on Pet Refusals: The new regulations will limit the reasons landlords can refuse tenants’ requests to keep pets. These changes are anticipated to take effect in early 2025.
Penalties for Misuse: Penalties apply for the misuse of the new grounds for termination.
Evidence Requirements: Most new grounds require supporting evidence, and a re-letting exclusion period may apply, strengthening tenant protections.
We will provide further details on these changes as they come into effect. For more information, you can review the official legislation from the NSW Government here.
