Smashing Records…
Records are close to being broken! Rain records that is…
As of now we, in Sydney, are just 9mm short of 2 metres worth so far this year! The annual average is just 1213mm, so we’re well over that! The last time we cracked 2 metres was in 1963! The highest ever recorded was 1950, at 2194mm. And we’ve still got 4 months (and a predicted La Niña) to go.
So don’t be putting away the gumboots just yet!
We’ve talked about house and apartment prices lately, of course. We’ve also talked about the squeeze on renters and the huge rental prices in our area, including a while ago, about Airbnb having been less attractive than it was, because of reduced tourism, fewer intra and inter-state travellers, and the dodgy weather.
Well, we think that holiday rentals might be due a bit of a rally! Things are improving, and of course we’re slowly nudging towards Summer.
Having said that, at present, long term, unfurnished rentals are generating unprecedented returns for investors. But if you have a smaller space that really might not lease so well full-time, you might be able to generate a bit of pin money over the next few months. The art of getting Airbnb right is to make the space look and feel super clean, neat and comfortable.
Deciding between short term or long term renting as a landlord – is often a case of different strokes for different folks. If you’re looking for guidance on the ‘which, how and why’ of leasing, call our property manager, Sienna Berney, she’ll give you all the info you’ll need.
So far, house prices have remained broadly steady and, as we know, buyers are less frenetic. We do need to keep an eye on interest rates, both for further increases and for the end of (low, very low) fixed rates for buyers over the past couple of years. Some buyers in early 2020 might have grabbed 5-year fixed rates, and so have some time before they revert to market rates.
However, I don’t get the sense that mortgage stress is huge locally; most buyers seem to have recognised the inevitability of rises, and gave themselves a buffer. Interestingly, fixed term rates shot up last month, then pulled back dramatically – which indicates that the banks felt they might have overplayed their hand. But it’s something to monitor…
Either way, it has affected household spending which in turn should ease inflation, which may then take the heat off interest rates. We’ve alluded previously to the potential for inflation to top out earlier and lower, as a number of experts have suggested…
Locally, for the runners, the annual Beach-to-Beach returns this weekend. The long – 13kms – run starts at Dee Why and ends at Newport…shorter ones start at Warriewood and Mona Vale.
Trust Tree Brewery’s Friday night pub is getting popular. Well, what’s not to like. No huge TV screens, no pokies, no music. Just a bunch of people chatting over a few beers. Good news is that Brewer Brad is hoping to get extended licence terms to open on Thursdays and Saturdays as well over summer…fingers crossed!
And a reminder…the new Avalon Craft Market kicks off this Sunday at 11.00am at Avalon Bowlo. Turn up and support wonderful local talent. There is also live music from 4.00 pm on Sunday afternoons…this Sunday will be featuring the CC Crew…
And for opens with weekend, scroll down…