If you’ve been looking at real estate in Carnegie and sighing in jealousy, then your ship may finally be coming into port. According to CoreLogic RP Data, Melbourne has seen some of the lowest rental rate increases of any capital city over the last decade, compared to the property values: CoreLogic reports a significant ‘softening’ of rental yields for those leasing property in the Victorian capital.
So what does that mean for renters? It means you’re getting a nicer place for less when renting in Melbourne!
It might sound too good to be true, but the renters really are winning out right now. It’s a national trend, though Melbourne has seen some of the most significant softening. But after such a strong year for the property market, why have rents stayed almost the same?
“For renters there is a lot more accommodation options in the market while simultaneously, landlords are now required to respond to a more competitive environment which, in many cases means keeping rents steady or in some areas reducing rents in order to keep a tenant,” said CoreLogic Research Analyst Cameron Kusher to news.com.au.
More choice and better rates? Clearly it’s a good time to be a Melburnian renter.
However, if you’re a current Melburnian with a stake in a rental property, you shouldn’t fret.
A softening may seem like bad news, but when one door closes, another one opens. While rental yields have certainly been a little lacklustre, the actual property values in Melbourne are the only ones which have successfully doubled over the last decade of any capital city.
So if you want to capitlise on those values, it might be your chance to sell – with the right help from Matt Hurlston and the team at Ray White, of course!