With an increase of inner-city apartments in Melbourne now up for rent, there are more properties available than tenants looking to move. The Australian Financial Review reports that investors are now competing with other property owners to secure a tenant, causing rental prices to fall.
It is important to note that this data is not an accurate portrayal of the overall Melbourne rental market, however it has been reflective in some areas with respect to the apartment market. Fletchers Director & Company Property Manager, Andrew Paterson, reports that his property management team have continued to grow from strength to strength. In 2013, Fletchers experienced our greatest demand and achieved the highest prices for rental properties to date. Currently, our vacancy rate sits at a low 1.2 per cent compared to the industry average of 3.4 per cent and we are about to expand our team to deal with the high demand for Fletchers Property Management Services across Melbourne's east especially with the opening of our newest office in Maroondah.
The key to maintaining a positively geared investment property is undoubtedly to develop a well thought-out property strategy. The most effective way to do this is to gain the advice to people who understand the property market and dynamics in the area you are looking to invest. Our dedicated team of Business Development Managers have an extensive knowledge base on the rental market and have access to independent information on average rents, property values, demographics and suburb reports.
If you are looking to invest in the property market or would just like to have a chat about the rental market, please contact our Property Management team today.
by Andrew Paterson in Miscellaneous
