Do you have an investment property in Rozelle? Are the interest rate hikes biting at the moment and are you wondering whether you should just sell your property?
According to the experts, if you have the ability to hold onto your property, it might be wise to do so because an upswing in the market is likely now that inflation has peaked and it’s less likely interest rates will rise further.
Disclaimer: We are real estate professionals but not financial advisers. Before acting on any information below, you should seek financial advice from a licensed professional financial adviser.
Property investment is a long game
Even in today’s economic climate, property investment is still the most reliable way to cement your future and create wealth for your retirement. If your finances can accommodate it, the experts suggest that you hold onto your investment property and not be in a hurry to sell.
Sydney property market growth
Depending on what figures you rely on, overall, the Sydney property market has seen 7.0% to 10.6% growth since January 2023, so this should give you some confidence. This is despite 12 interest rate rises by the Reserve Bank of Australia.
We stress again that we are not handing out financial advice but letting you know what we are observing in the market just this year and what this could mean for your investment.
How is the property market tracking in Rozelle?
Currently, the median price for houses for sale in Rozelle is sitting at $2,160,000. While that represents negative annual growth of -6.11%, rental yields for houses are about 2.63%.
Average median rent for a house in Rozelle is around $875 per week. Although there was negative annual growth in the suburb, growth over the last quarter surged by a significant 12.21%.
For those with unit investments, the median price is currently sitting at around $1,450,000. This represents a growth over the last quarter of 1.75% with median rental prices at around $700 per week ‒ representing a gross yield of 2.99%.
The relatively strong growth in rental prices and the increasing demand for rental accommodation means that units seem to be outperforming houses and will continue to do so in the foreseeable future.
It’s also interesting to note just under half the properties in the suburb are occupied by tenants. With the current rental crisis, this should give investors some additional incentive to hold onto their properties.
Having a reliable property manager is a must
If you do plan to hold onto your investment property, it’s imperative you have a reliable property manager to care for your investment while you wait for the market to pick up again.
We ensure your investment is protected and you reap the capital gains when it does come time to sell your property.
Our good property management team can help to add value to your property by ensuring everything is compliant with the current legislation and attracting excellent tenants who will take care of the home for you.
Our team will also ensure that your home is well-maintained and that any repairs that need to be carried out are done expediently and to a high standard.
Last but not least, our property management team understands the value of great tenants and will ensure that your tenants are happy so that they stay for the long term and you continue to optimise your rental income.
Can we help with your Rozelle home?
Whether you’re ready to sell or need help to rent your investment property, we have the experience and local knowledge to make your property journey easier.
Looking for help selling your home or renting your investment property? Our team at Belle Property Balmain support homeowners across Balmain, Balmain East, Birchgrove, Rozelle and Lilyfield. Feel free to get in touch for a no-obligation discussion or property appraisal.
