Josie Galati Director | Property Management 0431 621 614 What’s pushing up rental yields? This means that there is an increasing demand for a range of property types, including rentals. The North Report/ 04.2019
Other things coming into play Alongside the rising population,
Melbourne’s current rental market is tightening. This is reflected in the most recent vacancy rates of 1.7 per cent (SQM Research). “We’re seeing very low vacancy rates, which presents a classic case of supply and demand,” says Preston Director Josie Galati, adding, “This means that with a shortage of rental properties, investors and owners are seeing rental yields increasing.” The latest data from CoreLogic reiterates this sentiment. National rents are 0.4 per cent higher compared to the previous year.
What’s happening in the rental and investment sector?
What does it all mean? For those either looking to invest, or who are currently sitting on an investment, this is all good news. If you have secured financing for an investment, now is good time to capitalise on the state of the market – as you are more likely to have the property filled with tenants and will see increases in your rental yields. Likewise if you’ve already got an investment property, you can expect to see demand shift throughout this period. n
There are several factors currently affecting the rental market and rental yields for investors. Firstly, as has been widely reported, Melbourne is experiencing explosive population growth with 125,000 new people joining each year, according to the ABC. This meteoric rise in population is only set to continue, with Melbourne predicted to overtake Sydney as Australia’s largest city by 2031.
RECENTLY LEASED PROPERTIES
FEATURED RENTAL Preston 2/16 Tynan Street
Northcote 13 Sumner Avenue
Preston 2/23 Hawker Avenue
FOR LEASE $500 per/wk
LEASED $800 per/wk
LEASED $650 per/wk
Small Space Solutions To make petite spaces work for you, try some of these handy tips.
scrapping bulky old items – like that old vacuum you ‘borrowed’ from your parents, or that oversized lounge setting you scored on Gumtree – for newer, slimline versions, which can free up much needed space in a small home. Double Duty Make every piece work hard for its place in your home, like ottomans and coffee tables that open to reveal hidden storage. Hide and Seek Use every available unseen pocket of space for storage – there are whole
square metres to be found under the bed or couch, on top of cupboards and sometimes even flat items will fit behind your TV unit. Bathroom Break The Japanese are absolute masters in clever small space living solutions, and this extends even to their lavatories. Australian bathroom stockists now carry toilet systems commonly used in Japan, which come with a small sink built into the cistern. It runs when you hit flush, and the grey water from your clean hands then fills for the next one. n
Minimal Effort The first step to living successfully in a small space is reducing the amount you put into it in the first place. Be brutal with things you haven’t used in a year and consider donating unwanted clothes and miscellany to your local op shop. Remember, when you drop it all off, make sure you don’t replace your old junk with new junk!
Downsize and Upgrade If the budget allows, updating and
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