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Rental market continues to tighten

Real estate & property news
15 October 2022
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The latest data on the rental market across Australia is in and it confirms that median rents are continuing to increase in response to an ongoing shortage of available rental properties.

Corelogic’s quarterly Rental Review which was released during the week indicates that rents rose nationally by 2.3 per cent over the three months to the end of September. This rate of growth was down slightly from the 2.9 per cent recorded in the previous quarter, but still a strong number based on historical trends.

Looking back over recent years, the market saw median rents fall marginally over the first few months of the Covid outbreak, but since August 2020 residential rents have grown by almost 20 per cent nationally.

These figures confirm what has been reported this week by PropTrack, suggesting that here in Victoria more than 100 suburbs have seen median rent rises of at least 10 per cent over the past twelve months. In fact, in some regional centres and suburbs close to Port Phillip Bay, the increases have been of the order of 30 per cent and more!

Whilst these rises have certainly made life difficult for many renters in our part of Melbourne, they have also encouraged quite a few more people to consider becoming Rental Providers, (or landlords as they used to be known).

We have noticed this growing interest in property investment in a number of recent property sales. A prime example was the two bedroom unit in Millar Road, Tullamarine that our team sold via a Sale by Set Date® during the week. Whilst this property attracted plenty of interest from market entrants as you might have expected, the increased inquiry levels from aspiring investors was certainly noticeable.

As we always remind our clients, whether you are considering becoming an investor for the first time, or you are looking for efficient property management of an existing investment property, there is no substitute for experienced advice.

So if you’d like an obligation-free chat about your options, why not give our award-winning team at Barry Plant Gladstone Park a call this week on 9330 1088.

Best wishes,

Nick Pugliese - Sales Manager

and Bill Karp - Director

Barry Plant Real Estate

Gladstone Park

Real estate & property news
15 October 2022
Save Article

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