Rental Market Update - June 2024

Northern Beaches Rental Market Update

John Hall & Ilijana Nonkovic | UPSTATE

Leased Properties

7,491

7

4/8

Properties leased on the Northern Beaches over the last 12 months

12/7-13

$530 per week

Brookvale Ave Brookvale

Eurobin Avenue, Manly

$900 per week

8/18 Marmora Street, Freshwater $1,900 per week

19/33 Palomar Pde, Freshwater $780 per week

Loftus Street, Narrabeen

$2,100 per week

5 Balgowlah Road, Manly

$1,200 per week

17/370 Sydney Road, Balgowlah $685 per week

7/33A Dalley Street, Queenscliff

$655 per week

308/2 Delmar Parade, Dee Why $740 per week

47 Knightsbridge Ave, Belrose $1,790 per week

29 Charleroi Road, Belrose

$1,500 per week

66 Corymbia Cct, Frenchs Forest

$1,700 per week

1,920

The Investors Edge

Rental Market Update

As we edge closer to the second half of 2024, and house and unit rents in our capital city reach new record medians, property investors are wellpositioned to capitalise on market conditions to achieve significant rental yields.

With consistently high demand from prospective tenants, there is ample investment opportunity on the Northern Beaches for homeowners looking to put their equity to work and seasoned investors looking to expand their portfolios.

Rent Growth

While still comparably high, rent growth on the Northern Beaches has stalled compared to the peaks between 2022 and 2023. This stabilisation of growth is a reflection of a rebalance of supply and demand as more properties become available to rent.

Vacancy Rate

The vacancy rate on the Northern Beaches currently stands at 1.2%, marking a small increase from the record low of 0.8% observed at the

end of last year. Economists are largely predicting that a rental market rebalance will be reached later this year. This tipping point will be reached when vacancy rates sit at a more sustainable level between 2 and 3%.

Days On Market

In line with an increase in supply, the average number of days rental properties are currently on the market has increased slightly compared to last quarter. However, our team has leased 41% of all rental properties after only one open.

What Does This Mean For Investors?

For investors eyeing the market, the time is ripe to make a move. Consecutive interest rate hikes and uncertainty around future decisions have meant that competition, at least for the moment, has eased slightly in the Northern Beaches market. And while rental conditions are facing slowing momentum – record rents since 2020 have boosted rental yields to their highest point in 10 years.

For an up-to-date valuation on your property, call us on 02 9971 9000.

Client testimonials

“ John Hall assisted me in purchasing and renting a property at Narrabeen. I was more than impressed with his professionalism. John is a friendly and mature person who showed me great respect during this time.”

“I was so impressed with the speed and efficiency Ilijana rented out my investment property to new tenants. Fantastic service and communication throughout. Highest recommendation!”

“ John made the process of renting my property very easy and painless. He is very thorough and professional, always willing to hear my input. I would highly recommend him to anyone who is looking to rent their property.”

“ Ilijana from Upstate was very helpful with everything related to renting my apartment out. She reached out very quickly after I submitted an online enquiry and came over within an hour! She offered to organise quotes for various renovations/repairs and cleaning that needed doing when I was busy juggling work and moving interstate, and called every few days to check on progress and see whether I needed her to do anything for me. Very happy with the end result/rental price. Would highly recommend!”

Meet the team

We love what we do. And what we do best is prospect for the perfect tenants, then convert to a lease more than any other agent in the area.