It is still a renter’s market

2020 has been a challenging year for everyone and at NGFarah there is no doubt that we have had to adjust to a completely different marketplace in property management. This event was impossible to predict and as one of the largest Real Estate businesses in the area there is no disputing the impact it has had on the landlords and tenants. 

Six months down the track from the start of Covid-19 and the rental market is still having contractions and unfortunately the NSW State Government is considering extending the moratorium on tenants. Now whilst this may

sound great if you are a tenant, this is not the news you want to hear if you are a landlord.

Naturally, areas like Kingsford, Mascot and Kensington have been hit the hardest and we are finding that the Coastal

Market is remaining strong to lease property in.Whilst units are still attracting plenty of interest from these Coastal Suburbs, rents have fallen by up to 15%.

We can only hope that the State Government does not extend the moratorium, at the moment, as it is really difficult to evict a tenant, even if the tenant is not paying rent.
We need to prove that the tenant has not been affected by Covid-19. In a regular market it would be 4 weeks, although due to Covid-19 it can take up to 16 weeks to evict a tenant.

The good news is Summer is on its way and Covid-19 cases have been reduced to a minimum and before not to long University students will return, tourists will return, and the State Boarders will reopen. This will mean that Australians can travel again with confidence and conviction. 

The Real Estate rental market will eventually bounce back, although it may take another six months. The positives are that Sydney is a world class city, with one of the best Harbours and breathtaking beaches on this planet, and we are fortunate that properties in the Inner City, Inner West and Coastal markets will always remain in strong demand.

For Leasing and Management Enquiries, please call the team on 02 8344 0000.