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Record vacancy rates not alarming

It’s important for residential investors not be to be panicked by media reports of record high residential vacancy rates across Sydney, according to DiJONES General Manager Kylie Walsh.

“Seasonally June and July is the worst period for rental vacancies across the board in Sydney,” Ms Walsh said.

“While DiJONES has also experienced higher vacancy levels than normal, investors should not be alarmed.”

Ms Walsh said it is the job of a professional agent to guide investors and partner with them to minimise vacancy and periods of vacant possession are something that all property investors should budget for.

“In order to maximise returns it is important for agents to work with their investors on insuring fixed term tenancies do not expire or come up for renewal during the winter months.

“Strategies to combat this include signing tenants for 9 or 18-month leases rather than the standard 6 or 12 months so investors are not exposed to seasonal fluctuations,” she said.

Ms Walsh said current market conditions mean it is important to find innovative ways to market rental properties.

“Given the large number of property investments across Sydney, traditional forms of marketing may not work in certain market places,” she said.

“Investors should be looking at premium marketing packages on major portals, targeted social media campaigns, illuminated or picture signboards, and where appropriate placing virtual furniture in vacant properties.”

Ms Walsh said drone footage should also be considered if a property is conveniently located close to education, medical or transport facilities.

“We’re finding there is a high demand for good quality family homes, single villas and large townhouses but we are finding that dated apartments and units without car parking are becoming a challenge to lease,” Ms Walsh said.

Source: DiJONES

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