The booming property market in the New South Wales capital is continuing with unprecedented gusto, shooting up by an incredible 16% in the housing sector and 9% for units, over the previous 12 months. This is great news for owners in northern coastal suburb Dee Why, sitting on the Dee Why Lagoon Wildlife Refuge, where median house prices have jumped to $1.28 million over the year. Those renting out these high value properties will be pleased to know that their prospective property manager may charge lower fees in response. In the northwest, next to the Berowra Valley, Galston is also sitting pretty, with a record sale of $3.3 million this year.
Typically a property manager will charge 1 – 4 weeks rent, as a one-time fee when the property is successfully rented out, and from then on will charge between 5-10% of the monthly rent. In the CBD and metropolitan areas, like the inner-city suburb of Potts Point, property management fees are likely to be low, due to high real estate value and a larger number of competing property managers.
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