Melbourne - record low rental vacancies
Australia, and in particular Melbourne is experiencing a rental boom and the experts all agree; this is a trend that is likely to continue.In an ANZ report Paul Braddick and Ange Montalti cited lower home affordability combined with low levels of new buildings as the main contributors to what has resulted in one of the lowest ever vacancy rates for rental properties.
In most capital cities vacancy rates are below 2%, however, in pleasing news for Melbourne property owners, they are as low as 1.8% here.
ANZ believes that this financial year will see higher rents in Victoria, as well as better yields for investors, which will eventually result in more buildings and a growth of the property market in general.
The report also indicates that Melbourne property prices are set to weaken for a short period before growing steadily at 5% from 2008 on.
Kingsford Property - Mark O'Neill
posted by brett hayton @ 6:29 PM
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