Property Insights

Traditionally in Sydney, vacancy rates have been tight, hovering well below the level of 2.5 percent, which usually represents a balanced rental market. However, the current overall vacancy rate in Sydney has crept to 4.6 percent and varies slightly in different areas. Right now in Breakfast Point, we are slightly lower at 3 percent, and the average weekly rent sits at $525 per week for a one-bedroom, $700 for a two-bedroom and $950 for a three-bedroom. For those who are looking at getting into the market and wondering where to start with savings, I read a great article in the Australian Financial Review recently that was practical and simple in these unusual times.

“Spend a little on whatever makes your heart sing,” said Antoinette Mullins, who is a Certified Financial Planner at Beyond Today. Her advice is to not just focus on short-term goals, but rather consider your goals and values: what’s important to you now? Also consider what may be important in 10 years or more, then split spare money between the two and it will make a big difference. Her key tips are:

1. Make a pre-tax contribution to your super. This reduces tax and helps during retirement.
2. Take $100 a week and put it into a high interest-earning savings account. This can be used for medium-term goals, such as holidays or to help through life’s little emergencies whenever they pop up.
3. Take $100 and spend it on the “now”. In other words, whatever makes your heart sing.

Until next time… Alison