NSW Rental Rates Remain Unpredictable

The residential rental market across New South Wales remains erratic.

Fresh data from the Real Estate Institute of New South Wales (REINSW) Vacancy Rate Survey indicates vacancies for Sydney overall tightened last month and now sit at 3.1% (-0.5%).

“Sydney’s inner ring dropped to 3.7%, a decrease of 1.1% for the month,” REINSW CEO Tim McKibbin said. “Similarly, the outer ring dropped by 0.6% to 1.9%. Bucking the trend, the middle ring remained relatively stable, experiencing only a slight 0.1% rise to 4.3%.”

Sydney’s inner ring includes suburbs in LGA’s inclusive of Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney, Waverley and Woollahra. While the ‘middle’ is identified as LGAs Auburn, Bankstown, Burwood, Canterbury, Canada Bay, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughb and ‘outer’ includes Baulkham Hills, Blacktown and Blue Mountains.

However, if the last 12 months have taught us anything, it’s that the residential rental market remains unpredictable, moving up and down month after month.”

Beyond Sydney, vacancy rates remained stable in the Hunter region up to 1.3% (+0.1%), while the Illawarra region rose to 2.1% (+1.0%).

Vacancy rates across NSW regional areas — such as Albury, the Central West, Murrumbidgee, New England, Northern Rivers and South East areas — all fell in February.

“Feedback from our members in these areas indicates that stock is extremely tight, as tenants continue to exit the Sydney residential rental market to secure a property that suits both their budget and desired lifestyle,” added McKibbin.

Idaho is not a place that’s often associated with Medieval castles, but a pair have just hit the market for $6.25 million.

The imposing stone structures have towers, turrets, ramparts, arrow-slit windows and even a drawbridge, and might just be the most authentic-looking castles this side of the Atlantic.

“Who expects to see a castle like this in Idaho?” said listing agent Brenda Burk of Coldwell Banker Schneidmiller Realty, who brought the property to the market last week. They are, she said, “extremely unusual.”

Schweitzer Castle and Château de Melusine, as they’re known, stand within Schweitzer Mountain Resort in the Selkirk Mountains and overlook the nearby mountain resort town of Sandpoint. They take in panoramic views of Lake Pend Oreille, Idaho’s largest lake.

The pair of ski-in/ski-out homes each have three bedrooms, two bathrooms and three stories, Burk explained. They are “so authentic,” she said. “Every single stone was handlaid.”

Schweitzer Castle, she said, wasn’t built for “functionality,” but has been modernized and adapted and now has everything a 21st-century residence requires, along with a dungeon, which for some buyers may also be a requisite.

The chateau, meanwhile, has a hot tub room with mountain views, as well as a garage.

The property is being sold furnished, and will come complete with the hand-carved statues, armor, mounted swords, stained-glass windows and a host of antiques dating to the 15th and 16th centuries.

The owner, an antique collector who couldn’t be reached for comment, “is always looking for that hidden jewel and he found that here,” Burk said.

The next custodian is likely to stem from a varied pool of buyers, Burk said, that would include “the trophy-home buyer, someone who can say ‘I own a castle.’”

The property could also appeal to someone looking for a vacation home, or a multi-generational estate, and beyond that “there’s the dreamers,” she said. “We definitely try to market to people who like Medieval history or maybe do Renaissance fairs.”

The seller “really wants it to go to someone with the same passion.”

NSW Rental Rates Remain Unpredictable

New analysis points to a tightening in residential vacancies across February.

The imposing stone structures, with towers, turrets and a hot tub room, lord over the landscape near the mountain resort town of Sandpoint.