The current rental market is either a source of pleasure or concern, depending on whether you are a landlord or a tenant.
The most recent market data shows that fewer than 1 in 100 rental properties across Melbourne are available for rent, and large numbers of prospective tenants are becoming increasingly frustrated at missing out on those that are available due to an ongoing imbalance between supply and demand.
Recent statistics have also shown that this imbalance is pushing rental returns upwards, with the median rent in Melbourne having increased by 17% over the past 12 months.
This is not good news for tenants, but is certainly improving the returns of existing property investors and focussing the attention of those who are considering purchasing an investment property soon.
The good news is that in a recent meeting with the Hamton Directors, respected market commentators, BIS Shrapnel, predicted that “increasing demand would continue to push rents higher over the next 3 to 4 years”, making a carefully selected investment property a very attractive proposition indeed.
If I can be of any assistance with an existing or future property investment, please don’t hesitate to call me.
Nicole Wiseman
Manager
Hamton Real Estate Services
www.hres.com.au
P: (03) 9522 8428