The property management team has been flat chat with vacancy rates below 1% and an extensive database of tenants looking to secure a rental property. Investor activity started to rise again this year but there remains a huge shortage in property which is leading to fierce competition and a rise in rents particularly in key lifestyle locations and inner-city suburbs. Head of Property Management Rachael Beadman reports, “In July alone we responded to 3,000 rental enquires, showed 800 potential clients through our available listings, processed 400 applications and leased 60 properties. So far in August we’re leasing four properties a day which is up by 28% on the same time last year. With demand so high, we’re working hard to secure the very best tenant and with many losing out, we’re in need of new stock so give us a call if you have a property you’d like us to take care of.”

Rachael reports that property close to public transport, particularly the light rail, and the CBD are picking up again as workers return to the office and overseas students recommence their on-campus studies. Apartments in the CBD are leasing in record time with 79/336-346 Sussex Street, Sydney and 62/267-27 Castlereagh Street, Sydney both being snapped up after the first open for inspection for rents above the asking price. Similarly, 2/30 William Street, Double Bay was leased for $1,100/week after the first open which is a very strong yield for a two bedroom apartment without parking and 503B/260 Anzac Parade, Kensington was leased during Covid for $900/week and went back to market last month securing $970/week after the first open for inspection.

If you’re looking to rent a luxurious home with knockout views, check out 136 Military Road, Dover Heights. The five-bedroom residence captures panoramic 180 degree views over Sydney Harbour with multiple living areas, lift access to all three levels and a child-friendly garden with a pool and cabana promising a perfect environment for entertaining.

Those looking to enjoy the ultimate beachfront lifestyle will love the lifestyle offered by 14 Eastbourne Avenue, Clovelly. The absolute beachfront home enjoys spectacular uninterrupted ocean and coastal views from a deep entertainer’s terrace and features a sunny north facing garden and lock-up garage. The spacious two-bedroom home features a study or ideal nursery and a sunroom and is available now for $1,800/week so beat the summer rush and secure your beachfront lifestyle.

We’re currently looking for an Assistant Property Manager to join the team in Coogee. If you’re interested, please call Rachael on 0424 276 472 or email your CV to rachaelb@ppdre.com.au

This week the sales team secured 11 sales with an average price of $2.8m and listed 20 new properties; check out the full details of our listings below.