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A property manager has confirmed the demand for units is increasing, with owners downsizing due to the unwanted maintenance of houses.
The comment follows the release of the latest Australian Property Monitors’ Rental Price Series Quarterly Report, which stated unit rents are growing at a faster rate than house rents in most capital cities.
Raine & Horne Double Bay/Bondi Beach senior property manager Ramsy Batshon said a large number of properties in his area are seeing a rise in rent because people are downsizing.
“They don’t have time anymore to look after lawns, gardens and big houses,” he told Residential Property Manager.
“In respect you are getting better rental return in regards to the increases that have been happening lately, but the market at the moment is actually a bit quieter than what people are reporting.”
“What we have found recently is because of the low interest rates and a lot of buyers out there, a lot of our tenants are actually buying rather than renting,” he adds.
However, Mr Batshon believes this is just due to the cooler months, and he is already seeing it turn around slowly.
“I think it is exceptionally quieter at the moment due to other factors involved,” he said.
Also speaking to Residential Property Manager, Jellis Craig Doncaster senior property manager Mark Hewett said in the last 12 months he has certainly seen an increase in rent prices with nicer town houses and units.
“They appear to have also become more in demand which then flows into higher prices being achieved,” he said.
“In my area it is a higher demand for quality, so it is not necessarily if you have got something it will be in demand, but if it is something of quality, whether it is good renovations or just something well-presented or a new build, I am finding that they are in demand and getting higher prices than last year that is for sure,” he added.
