Good news for investors of real estate in Carnegie and other areas of Melbourne, as the city's weekly rents are on the rise, according to recent data from Australian Property Monitors (APM).
Data from the APM September Quarter 2013 Report showed median weekly rental prices increased by 2.8 per cent in both the quarterly and yearly figures.
The encouraging news for owners of Carnegie real estate investments is even more interesting considering Melbourne was one of the only cities to record increases.
"Melbourne and Brisbane were the only capital cities to record house rental growth over the quarter with increases of 2.8 per cent and 1.3 per cent respectively," said APM Senior Economist Dr Andrew Wilson.
The recent rent increases are the first recorded in more than year, but Dr Wilson believes while a decline in prices should not occur, further growth is unlikely in the next few months.
"Rental growth can be expected to remain subdued in most capitals over the remainder of 2013, as low interest rates drive increased activity from first home buyers, investors and home builders, reducing demand and increasing supply in most rental markets," he said.
If you own a property investment in Carnegie and want to make the most of increased rental prices, contact real estate professional Matthew Hurlston to find out more about our property management services.