Inner west real estate is currently hot if you are looking for a sound investment. It is the spot to buy rental property. Whether it is Newtown, Petersham or Marrickville, landlords are reaping the rewards of high tenancy rates coupled with high rental returns.
The inner west is now seen as the affordable and convenient location for both property investors and tenants. The Sydney Morning Herald last year named the city’s inner west suburbs as “the powerhouse” of the NSW capital’s property market. This was a result of house prices increasing by approximately two percent.
The suburb of Tempe is gaining popularity as people search for an affordable option close to the CBD. Suburbs such as St Peters, Tempe and Sydenham offer all the conveniences of the inner west but not with the same price tag.
Many families who have been pushed out of the market in the Eastern Suburbs are now looking at properties in the Inner West.
“We find many families are moving from the east and would like to rent before they buy,” Glenn Regan, Director of The Newtown based real estate agency explains.
With fantastic parks, proximity to great schools and convenient transport links families are realising the benefits of living in such an area.
“It’s a try before you buy mentality,” Glenn says.
The suburbs in the inner west belt are also gaining popularity with young professionals. Suburbs such as Erskineville are popular due to its village feel and proximity to both the train station and also it is within walking distance to Newtown.
Young professionals are now also been drawn to Enmore. New bars, restaurants and the Enmore theatre are attracting people who are making life-style choices.
With such high demand for rental properties in the inner-west from both prospective landlords and tenants it is important to choose the right agency to manage your investment.
Investors need to know the Inner West property manager they chose will select the best tenants who will pay the highest rent.
Glenn recommends doing your research and meeting the property manager who could be managing your property.
“A good agent must have knowledge of the industry, be current and up to date on all issues, including the market and legislation,” Glenn says.
Glenn explains for landlords it is better to deal with a boutique agency rather than a large chain.
“In larger agencies the person you speak to is not necessarily the person who will be managing your property and you lose the rapport,” Glenn believes.
For potential property investors Glenn offers five top tips in finding the right property manager.
“They need to be experienced and a good communicator. They have to have up to date knowledge of the industry and the market, ensuring you get the best possible rate for your property. And when you are choosing your agent meet the property manager,” Glenn recommends.