Strong rental demand at NewQuay results in full house

Strong demand in the rental market is being led by a desire for inner-city and Docklands living according to Metro Real Estate Services, the premiere leasing and sales specialists at NewQuay Precinct, Docklands.

According to John Darmody, General Manager Metro Real Estate Services, the agency has leased all rental properties on its books and has many prospective tenants waiting for properties to become available.

“For the first time in four years of operation, the Agency have no rental properties available in the NewQuay Precinct and are receiving enquiries from prospective tenants daily,” Mr Darmody said.

“Currently Metro Real Estate Services has 245 properties under management in the Docklands region and need more rental properties to meet the existing demand.”

Metro Real Estate predominantly leases apartments in the five towers that comprise the NewQuay Precinct. These towers are Arkley, Boyd, Palladio, Nolan and the newest addition to the precinct, Conder. However, Metro is one of only a few leasing agents based on Docklands and therefore can offer a specialised service to all landlords with property in Docklands.

Mr Darmody attributes the strong rental demand at NewQuay to the appeal of the harbourside lifestyle with all the amenities at your doorstep such as restaurants, boating, entertainment and numerous outdoor activities and events. Of course, the CBD is within close proximity and easily accessible via trams or walking. NewQuay is also the best place to be part of the summer action including the Volvo Ocean Race, the Summer Boat Show and the Commonwealth Games.

According to figures compiled by Metro Real Estate, the average rental for a 1 bedroom apartment at NewQuay is $300 per week, with a 2 bedroom apartment returning an average of $400 per week and 3 bedrooms returning an average of $580 per week.

Mr Darmody says November through to early March is traditionally a peak rental demand period, as people are on the move and relocating due to work, school and university commitments.