While many buyers choose real estate in Oakleigh, Carnegie and Murrumbeena to live in, recent figures may pave the way for investment in the area.
Melbourne units performed extremely well when it came to weekly rents, according to figures in the Australian Property Monitors (APM) Rental Report for 2014's first quarter.
The median weekly rent for a Melbourne property was $365 during 2014's March quarter, exhibiting a 4.3 per cent quarterly increase.
This figure also highlights a 1.4 per cent yearly increase for median unit rents across the bustling city.
"Melbourne unit rents have staged a revival after a lengthy period of subdued growth", explained Dr Andrew Wilson, APM senior economist.
Gross rental yields for Melbourne units climbed by 1.6 per cent between the 2013 and 2014 March quarters, while jumping by an impressive 5.6 per cent quarter-on-quarter. This brings gross rental yields for these kinds of properties to 4.86 per cent for 2014's first quarter.
With plenty of possibilities for growing wealth in Melbourne, investors may wish to consult with an experienced agent in order to secure prime real estate in Carnegie or in nearby suburbs.
While buying the right real estate is essential, it's also necessary to look into the future and continue to maximise rental yields with an expert property manager.
For all of your investment needs, contact Selling Principal Matt Hurlston at Ray White Carnegie today.
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