Due to the limited stock and strong demand in the rental market, rents are being pushed up as a result of the supply and demand dynamic which continues to favour Rental Providers. There is a high demand for well-presented rental properties, resulting in fast rentals and a large number of potential renters attending open for inspections. The average days on the market for properties rented out by Miles is 18, and our vacancy rate is currently at 1.28%, which is notably lower than the average vacancy rate of 2.3% for Melbourne.
For the 180 properties in the last three months and are currently managing a portfolio of over 2500 properties. There was a significant increase in the average rent of $200 per month demonstrating how competitive the current market is without any foreseeable increase in stock coming to market anytime soon. In fact, Victoria’s population is projected to exceed by seven million people by 2030 with Melbourne forecasted to be home to nearly six million people overtaking Sydney to become Australia’s biggest city.
With its robust infrastructure, population growth, and thriving rental market, Melbourne has attracted the attention of investors from outside Victoria. As such, those who are already investors in Melbourne are well-positioned to benefit from the current market conditions. In Banyule rents have steadily increased since Q4 2019 and with the current drop in median prices we recommend investors take a closer look, particularly at the apartment and unit market which offers quality stock which will attract first-rate, long-term renters.
Recently Leased
We recently lease 117 Shaftesbury Pde, Thornbury a five-bedroom home in a highly sought after area leased strongly for $995 per week.
3/10 Souter Street, Eltham a three-bedroom brick residence with a lock-up garage leased for $550 per week.
1/25 Durham Street, Eaglemont a three-bedroom Art Deco residence leased for $750 per week.
Compliance deadline has passed
The compliance deadline has now passed and all properties must have undergone safety checks by March 29th. We understand that with interest rates on the rise, property investors are facing challenging and expensive times. However, there is a silver lining as interest rates are expected to stabilise by next year. According to REA's outlook, interest rates are likely to be lower in 2024 than they are now.
If your investment property is currently listed with another agency and you're worried about your compliance status, please contact our team. We'll perform a comprehensive inspection and provide you with an updated rental appraisal. Miles has a 100% compliance status across our entire portfolio and our property management service is not limited to Banyule and surrounds, we service all areas in the north, north-east, east and inner CBD.
