Despite the wintery weather, the property market has heated up with an increase in buyer activity. A decrease in the supply of property for sale, plus continued low interest rates, has intensified buyer demand across Melbourne.
Of particular note is the upsurge in investment buyer activity. Many investors are choosing to act now, with the end of financial year fast approaching and several key property topics firmly on the agenda at the upcoming Federal Election. The affordability and high rental demand of Melbourne’s Inner City suburbs continue to make an attractive proposition for investors.
According to the latest CoreLogic report released this week, the average rental value for Melbourne has risen 2.3% in the past year to $458 per week – a record high. The average rental yield for apartments in Melbourne remains steady at 4.1%.
Vendors contemplating selling, whether it be on or off market, would be well advised to take advantage of the upswing in demand. For a personalised report on buyer demand for your property, contact your local area experts on 9091 1400.