Vacancy Rates

At present vacancy rates are very low in Sydney, and properties are being snapped up as soon as they come on the market. But only if the rent is right. Ray White Beecroft was recently given a property to manage that had been on the market with another agency, grossly overpriced, and unlet for three months. When transferring the management agreement, the owner agreed to drop to a sensible rent and the new managing agency is confident the property will rent very soon. But it will take a long time to recover the three months without any rent income!