The great Australian dream of property ownership seems to be alive and well, as new figures show rental vacancy rates have risen all over the country.
Data from SQM Research shows a national vacancy rate of 2.3 per cent – the highest recorded since the survey first started in 2005.
Victoria was no exception to the trend either, as the number of properties available for rent in Melbourne increased from 2.1 per cent to 2.5 per cent between March and April this year.
There has, however, been a slight drop over the past 12 months as vacancies have fallen from 2.7 per cent since April 2013.
Meanwhile, asking rents have remained relatively flat with capital cities seeing around a 1.7 per cent rise in costs in the 12 months to May.
Managing director of SQM Research Louis Christopher said the group had predicted a slowdown in rental activity last year.
He continued: "With the national recovery in building approvals and completions, I can only surmise that the rental market is increasingly going to favour tenants over the next 12 months.
"And so rental yields for potential property investors will look even less attractive from their current low levels."
If you have your sights set on Murrumbeena real estate, why not get in touch with Matt Hurlston at Ray White Carnegie?
For many first-home buyers, the decision to buy or rent in Carnegie is more complex than ever. With changing market conditions, rising interest rates and strong rental demand, understanding the numbers and your lifestyle priorities is key. Carnegie remains one of Melbourne’s most sought-after south-east suburbs, located just 12km from … Read more
Rental inspections are an important part of maintaining a well-managed property. For landlords, they provide an opportunity to ensure the home is being properly cared for, while for tenants they help confirm that any maintenance issues are identified and addressed early. Knowing what to look out for during an inspection … Read more