The question I am constantly asked is “who pays this kind of rent and why on earth are they not buying?” !! ( Lots of exclamation points)!
Historically, rentals in the higher end of the consumer market were predominantly expatriates on 3-5 year contracts with relocation benefits. This changed of course when The LAFHA ( Living Away from Home Allowance ) changed to incur FBT. We started to see those renters topping up their relocation costs out of their own pockets.
Here is the link to the ATO around LAFHA if you are relocating or working away from home for some guidelines: https://www.ato.gov.au/Business/Fringe-benefits-tax/Types-of-fringe-benefits/Accommodation-and-location-related-fringe-benefits/Living-away-from-home-allowance-fringe-benefits/
LAFHA didn’t seem to change the market around demand however . If anything we saw the classic case of demand but lack of supply which pushed up weekly rental prices.
In addition Landlords subject to land tax on their rental properties reduced availability many deciding to sell or move back in.
Covid clearly affected supply in this rental space as many Australians returned to Sydney and moved back into their homes which put a squeeze on the exiting occupants trying to find alternate homes.
I have noticed an increase in locals looking for this category of property mainly a result of them capitalising on the sale of their homes in line with the continued booming sales market thus renting until purchasing a new property.
There is currently a very good selection of properties available for lease both homes and apartments in the East. I have selected below some of my top picks ranging between $2500-$7000 per week.
If you are interested in relocation but are time poor to do the search, contact me for further engagement details on 0408804422
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$6800 per week – BELLEVUE HILL – 5 bedrooms/ 6 bathrooms/ parking 3 / Pool
HOUSE- top street location, city views. Close to private schools
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$6500 per week – POINT PIPER – 4 bedrooms/ 3 bathrooms/ parking 4 / Pool
HOUSE- premier waterfront location views to harbour bridge access to beach, walk to Cranbrook School.
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$6500 per week – BONDI BEACH- 3 bedrooms/ 2 bathrooms/ parking 3
HOUSE- incredible location architectural finishes
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$4000 per week – 3 bedrooms/ 3 bathrooms/parking 2
WATERFRONT APARTMENT- direct access to beach pet friendly
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BONDI BEACH – $4000 per week – 2 bedrooms/ 2 bathrooms/ parking 2
APARTMENT- prestigious sought after building with magnificent beach views
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WOOLLAHRA – $3500 per week – 4 bedrooms/2 bathrooms/ parking 1
HOUSE- location superb being close to Queen Street shops, cafes, restaurants and Centennial Park
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WOOLLAHRA – $2500 per week – 3 bedrooms/ 2 bathrooms/ parking 2
HOUSE- location close to Bondi Junction trains, shops and private schools.
Until next Friday – Have a lovely weekend!
Annie xoxo