I wanted to jump on and give our clients a bit of an idea of how the rental property market is currently performing in Lithgow.

We have had a time where prices have pushed forward and done so quite quickly, though not keeping up with the previously booming sale market.  At present we are experiencing a bit of a lull in enquiry, which is something to be expected around this time of the year, but I do feel that this is something that we may see continue into the New Year.  Prices have not kept on pushing and we are seeing people have to meet the market to rent their properties, just due to their being too much supply and not enough demand.

This might seem contrary to what is being put out by the media and anecdotally currently, but we are working in this area daily and we know what we are seeing.  People are constantly saying that there is nothing to rent and you cannot find a rental, this is just not the case and is in direct contrast to the current market.  If you are a good tenant, with a good rental history, you should be able to find a property that suits you easily, with over 40 properties available for lease in the Greater Lithgow Area.

It is also prudent to remember that we have come out of a time where there was a rent increase moratorium, which saw rent not allowed to be increased during the Covid 19 pandemic.  This has seen a number of years where we were held back from doing any rent increases, due to the government policy.  It is easy to forget how close this time was and that things have changed exponentially since this unprecedented time.  Never had we dealt with a market like that.

As the economy continues to recover and we move further away from this time, we also see inflation and interest rates increasing, we do understand that there are more pressures on landlords than ever before.  We are currently seeing rent increases being driven by both market forces and by the increasing costs for landlords.  This means that many people are needing our office to increase rents for them.  Please remember that this is a process and can take our office time and that you need to provide your tenant with a minimum of 60 days notice for any rent increase.  A rent increase also needs to be substantiated by the market, meaning that we need to be able to prove that if the property were currently vacant, that it would be able to achieve the increased price.  Rent can also be increased only once in a 12 month period. Lots to consider!!

If you wanted to discuss any of the above, you can call me at the office on 63525125.