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Rental Market Update

PPG_Blog_Nov_image 2_rental market update

The rental market often starts to go into overdrive in the last few weeks of the year, and into the new year, as tenants look to finalise their residences for 2016. Property Profile Group members are anticipating strong demand for well located, quality properties in desirable locations.

As reported by the REIV, across Melbourne, vacancy has been relatively flat over the past four months at 2.9 per cent. The weekly median rent for houses in metropolitan Melbourne also remained steady in September and October at $400.

Melbourne’s outer suburbs were the main growth driver in median house rents, increasing 2.4 per cent in October to $370. The city’s inner suburbs (0-10km from the CBD) experienced a decrease of 1.5 per cent in weekly median house rents to $542 while Melbourne’s middle ring (10-20km from CBD). fell 2.5 per cent over the month to $390.

Despite declines in median house rents, Melbourne’s middle suburbs recorded solid median rental growth for units, climbing 2.7 per cent in October 2015 to $380 per week. Vacant rental space remains the tightest in outer Melbourne at 1.9 per cent, while the city’s middle suburbs had the highest vacancy rate, up 30 basis points to 3.7 per cent.

If you are a landlord and your tenants are moving on, now is the time to speak to your PPG property manager to review 2015 and discuss how the market is tracking in your area. It may be relevant to make any price adjustments (up or down) to meet market conditions and to ensure optimal tenancy. It’s also a good time to spruce up any dated décor, fixtures or fittings and attend to maintenance.

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