Jas Stephens Magazine 24 May 2014

24th May 2014

LIVING THE HIGH LIFE Melburnians are embracing apartment living, with mid-sized apartments attracting a higher rent than three bedroom houses across the city.

The new REIV data show that two-bedroom apartments attract a median weekly rental of $390, an increase of 1.3 per cent on the December quarter. The rental compares to $370 a week for a three-bedroom house.

And the highest rental growth for the quarter was in one-bedroom apartments, with this sector recording 2.7 per cent growth - lifting the weekly median rental for these apartments to $340 a week.

Yarraville

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REIV CEO Enzo Raimondo said that the fast expansion in new-build apartments appears to have been a drawcard for renters.

“These apartments continue to attract good rents,” he said. “It appears that this ‘stateof-the-art’ style of living is appealing to, and drawing tenants across Melbourne.”

Mr Raimondo noted that apartments are often in prime, central and inner city locations, while three-bedroom houses are spread across inner, middle and outer Melbourne.

“This locational factor has some bearing on rents for houses and apartments however the clear difference between the rental price for a two-bedroom apartment in comparison to a family home does highlight the genuine appeal of newer apartments.

“While houses boast large living areas and yards, apartments – with the latest in interior design and impressive shared facilities – are yielding higher rents.”

The REIV produces weekly rentals and vacancy rates across Melbourne on a quarterly basis to inform the investment community and public. The information provides guidance on rental levels and vacancy rates.

Mr Raimondo said vacancy rates had declined slightly over the quarter and remained low. He said the overall Melbourne rental vacancy rate was 2.8 per cent, down from 2.9 per cent in the December quarter and 3.2 per cent in the same quarter last year.

Information supplied courtesy of the REIV Craig J. Stephens Managing Director / Officer in Effective Control M 0418 547 938

As a service to our vendors, we will require names & phone numbers on entry of all inspections.

Privacy Act 2000: We use personal information collected from you during open for inspections for security purposes. We may also use that information to contact you with respect to this property and others we believe may be of interest to you.

Also, we may contact you in relation to other services provided by us or our associates such as insurance, mortgages and loans. By providing your information to us you agree to our use of it as described above unless you advise us differently. If the information is not provided we may not be able to provide an effective and comprehensive service to you. (Your personal information will be collected and held in accordance with provisions of the Information Privacy Act 2000).

We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers are advised to carry out their own investigations.

We strongly recommend that you clearly register your interest with our representative at the open for inspection, so that in the event of a sale being imminent, your position is protected.

We make every effort to contact all interested parties prior to a property being sold.

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