Landlords in Melbourne are likely to be among some of the country’s most successful, as the latest data shows decent rent rises across the city. While many other parts of the nation struggled to increase rents, the same could not be said for the Victorian capital.
Results of the CoreLogic RP Data December Rental Index show the combined capitals saw no monthly growth in rents, while the quarterly increase stood at only 0.1 per cent.
CoreLogic RP Data research analyst Cameron Kusher said: “The construction boom across the capital cities, coupled with slowing population growth, low mortgage rates and the recent heightened level of activity from investors are the major contributing factors to the slowing rental growth in 2015.”
However, the situation was quite different in Melbourne. Quarterly rental growth stood at 0.4 per cent, while the year-on-year increase registered at 2.2 per cent. Compared to November, rental costs were up 0.3 per cent.
If you’ve got your sights set on renting out Carnegie real estate in the near future, then this data could be just the incentive you need. Current rental yields are estimated at 3.1 per cent, showing there is money to be made in the city.
What type of property will you choose?
There’s every chance you might decide on a new-build property for your next investment. The latest HIA New Home Sales Report showed Victoria is bucking the national trend, posting a 3.3 per cent rise in private detached house transactions in November last year.
This is where having an experienced real estate agent on hand can be a major advantage. With demand for new property in Carnegie rising, you could benefit from having someone who really knows the local area.
Be sure to give Matt Hurlston a call, who will be able to discuss how to get your property investment ambitions off on the right foot.
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