In November, Sydney’s rental market reflected seasonal trends with increased supply and steady leasing activity. With more properties hitting the market than in previous months, rental adjustments are driving properties to lease faster, keeping days on market relatively low. As anticipated, we’re seeing a softening in demand as we approach the end of the year, consistent with past trends for this period.
Leasing Trends and Market Activity
Total Leased: Chidiac Realty leased 37 properties in November, including 23 properties in Wentworth Point, securing a 23% market share of all leased properties in the suburb.
New Listings: Chidiac Realty listed 29 new properties in Wentworth Point, contributing to the suburb's total of 163 new listings, a 16% increase compared to October.
Market Observations: Total leased properties in Wentworth Point dropped to 100 in November, representing a 23% decrease from October. This aligns with seasonal trends of supply exceeding demand leading into December and January.
Days on Market
Properties continued to lease efficiently as rental prices adjusted to meet market demand:
Median days on market for Chidiac Realty over the rolling year (Dec 2023 – Nov 2024) remained consistent at 11 days.
For November, Chidiac’s properties in Wentworth Point averaged 13.8 days, down 4% from October, while the wider suburb average for November was 25 days, a 14% improvement from October.
These figures demonstrate Chidiac Realty’s continued success in leasing properties well below the suburb average.
Rental Rates and Market Adjustments
Rents showed slight variations, reflecting seasonal demand and market conditions:
The average rent for 1-bedroom apartments leased by Chidiac in Wentworth Point was $643 per week, down 2% compared to October, but up 2% year-on-year.
The average rent for 2-bedroom apartments leased by Chidiac was $785 per week, up 1.5% from October and 5% year-on-year.
Chidiac Realty's median rent for the rolling year (Dec 2023 – Nov 2024) was $700 per week.
Seasonal Trends and Predictions
As we enter the holiday season, we expect supply to continue exceeding demand through mid-January, with a potential uptick in activity thereafter. Consistent with trends from previous years, the influx of rental properties on the market requires rents to align closely with market expectations to reduce days on market and secure quality tenants quickly.
Properties priced competitively have been leasing faster, contributing to the slight reduction in days on market in November. However, properties that don’t meet the market are likely to see increased days on market in December and January.
Tenant Retention and Strategic Re-Letting
Tenant retention remains a key focus as re-lets are down 30% year-on-year, reflecting our proactive approach to keeping quality tenants in properties longer. By offering fair market rents, we help landlords reduce potential vacancy and unnecessary costs, ensuring more stable and longer-term tenancies.
Year-to-Date Overview
Total Leased: Chidiac Realty has leased 458 properties this year, though down 7% compared to the same time last year, reflecting broader market conditions.
Market Share: In November, Chidiac Realty held a 17.8% market share for new listings and a 23% market share for leased properties in Wentworth Point, demonstrating our strong presence and effectiveness in the local market.
Looking Ahead
As the market adjusts through December and January, maintaining competitive rents and focusing on tenant retention will be crucial. We expect activity to pick up in mid-January as the holiday season concludes, creating renewed demand for quality rental properties. Our team remains committed to delivering exceptional results for both landlords and tenants during this transitional period.
