Landlords have enjoyed some pretty decent returns on their rental property in Bentleigh over the past year – or so the latest figures from CoreLogic RP Data suggest. The group revealed that average weekly rents have risen two per cent in the Victorian capital, making it the greatest increase out of all the nation’s capitals.
Sydney followed in second place with a 1.4 per cent increase, while the next highest result was registered in Canberra at 1.2 per cent.
The March Rental Review showed that while houses generally attract higher rental costs, it’s units that have increased most over the past 12 months.
Combined capital city house rents averaged at $489 per week in March, whereas the average unit cost $469 per week. However, over the past month alone, the cost of renting houses has increased 0.1 per cent, while unit rents are up 0.4 per cent.
This isn’t just a recent trend, either, as the statistics show a 0.9 per cent increase in unit rents and 0.5 per cent for houses over the course of the past three months.
It’s not only rents that have increased recently, as landlords have also been enjoying rises in the value of their property in Bentleigh. The December quarter Residential Property Price Index from the Australian Bureau of Statistics shows house prices in Melbourne improved 9.6 per cent year-on-year.
The quarterly increase registered at 1.6 per cent, which was one of the strongest results in the country.
If you’ve got your eye on making a property investment in Melbourne, make sure you get in touch with Matt Hurlston. He has years of experience in the local market and can help secure a piece of real estate that works for you.