February was a busy month at JT Allen with plenty of new stock coming to market. We had properties launch in Point Piper, Bondi Beach, Double Bay, Darling Point, and Clovelly to name a few. With more rate increases expected over the coming months to ensure inflation returns to target, those that are thinking of selling are best to capitalise now while stock levels are relatively low.
We have seen Sydney clearance rates start to improve with a recent weekend seeing the highest clearance rate in 12 months with the rate jumping to 78%, which shows that buyer sentiment is improving. AMP Chief Economist, Shane Oliver, believes the return of immigration and the tight rental market could be the main drivers behind the sudden change.
The Sydney rental market is still going through a unique period with some of the lowest levels of vacancy in recent history. We have seen rents increase 10-20% with very little push back from tenants due to lack of rental stock. With open for inspections seeing large numbers of attendees, properties that are priced correctly are being leased in one or two inspections.
February also saw the team come together to connect, learn, share and kick-off 2023 at our Success Made Real conference. At JT Allen we are all about investing in our people to support them in their journey to success and help unleash their potential.
Thanks to our incredible team for co-creating such a successful conference and to our wonderful presenters for sharing their knowledge, facilitating important discussions and motivating us! Looking forward to many more team-building days of sharing, connecting and inspiring each other as well as seeing some incredible results in March.