However, there was further good news for local property investors this week in an article that appeared in The Age on Saturday, (January 18th). In case you missed it, the report (pictured) that appeared on page 20, by Melissa Heagney, painted a particularly positive picture of rental returns across Melbourne’s middle-ring suburbs.
Quoting the ‘Domain Rental Report’ for the December quarter, the article said, “Melbourne’s middle-ring suburbs were home to some of the biggest rent rises in 2019, outstripping traditionally sought-after inner-city havens, new data has revealed.
Demand has been high for more affordable rentals near good schools, agents say, sparking double-digit rent increases throughout last year. Most of the top 10 suburbs for house rent rises were at least seven kilometres from the city.”
The article also quoted Domain economist, Trent Wiltshire, who said that, “High demand from Melbourne’s growing population was adding pressure to rental stock in more affordable areas, pushing rents up. ‘As the inner city becomes more expensive, the middle-ring suburbs are becoming more desirable.’’
It was interesting to note that the upward pressure in rents wasn’t restricted just to houses, with apartments in the middle-ring suburbs also recording gains. Whilst not all suburbs in the middle-ring recorded rises in rents, the overall trend is certainly good news for local landlords who are aiming for growth in their returns in the longer term.
As one of the most trusted and effective property management teams in the northern corridor, the team at Barry Plant Thomastown is always happy to answer any questions you may have about your property investments. So, if you currently have a rental property sitting vacant, or you are unsure that you are currently maximising its rental potential, don’t hesitate to give our helpful team a call on 9466 3233.
Barry Plant Thomastown