Double Bay / Bondi Beach Blog

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RHDB/BB March Market Update

Raine & Horne Double Bay / Bondi Beach have had a strong start to 2017 with over $200,000,000 worth of sales made so far this year.
 

February 2017 was the best month our office has seen in 7 years. Not only have we been winning listings, we have also recently taken out the following awards at the Raine & Horne NSW State Awards:
 

Winner - Top Office – Number of Sales #1

Winner - Top Office $ Value - #1

Winner - Top Auction Office – Metropolitan

Winner - Multiple Office Award

Winner - Website Excellence Award 

 

Recently we have also won agency for the year for Bellevue Hill, Vaucluse, Bondi Beach & Bondi at the Rate My Agent 2017 awards. A big thank you to all our clients for the many wonderful reviews we have received.


Hot Auctions
 

The amount of auction activity across the capital cities increased this week, up from 2,916 last week to 3,147 this week; the largest number of auctions since the last week of February 2017 when 3,301 auctions were held. This time last year was the Easter long weekend, so auction volumes were substantially lower, with 554 homes taken to auction across the combined capital cities. This week’s preliminary weighted average clearance rate across the combined capitals was 77.1 per cent, increasing from 74.1 per cent over the previous week and up from 70.9 per cent one year ago. Sydney saw the highest preliminary clearance rate across the cities at 81.1 per cent.
*Data sourced from Corelogic

March Rental Overview

March has been a very successful month for the property management team at R&H Double Bay/Bondi Beach, we were privileged to help 42 owners with leasing their property with a highly qualified tenant. The yearly cycle indicates that the rental market tends to slow down heading in to the winter months however we have found that we have had a stable run and an increase in demand for executive properties above $2500 per week. Our head of new business Matthew Serrao says, “Whilst other agencies generally start to slow down at this time of the year, our marketed properties have increased from an average of 38, to 41”.

 

March Success Story – Bondi Beach rent increase

Whilst maintaining a low vacancy rate of only 1.8% for the month of March, Senior Property Manager Matthew Williams was successful in implementing a $400 per week rental increase, incre asing the value of our investor’s property from $3000 per week to $3400 per week. Our in-depth knowledge of the local market enables the senior property management team to keep abreast of the demand and rental prices in the immediate area, better servicing our clients and in turn increasing the yield on their investments.

 

We look forward to continuing to see strong results in the months to come. 

Kind Regards

Raine & Horne Double Bay / Bondi Beach 

 

Click below to see March Market Wrap up video with Award Winning Auctioneer Damien Cooley:

 

 

 

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