Rents are rocketing in Melbourne’s East

Three eastern Melbourne suburbs – Glen Iris, Armadale and Kew – topped Victorian suburbs with achieved rental growth in excess of 10% in the last quarter, according to the latest quarterly market report compiled by RUN Property.

Kew registered the biggest increase in absolute terms, with rents rising by $52 a week over the 12 months from June 2010 to June 2011 to $567.

Glen Iris rents increased by $35 per week to $375, while Armadale rents increased by $37 per week to just under $400.

RUN Property chief executive Rob Farmer says rising rents will boost the confidence of investors and encourage more to buy, especially during the property market’s quieter winter months.

“Rental growth has been strong and consistent over the past 18 months, so it surprises me that more investors are not taking advantage of the dip in sales activity to secure their next bargain investment,” he says. “The rental market has been on fire in many suburbs and demand for properties is the strongest it has been for years. Competition for rental properties has pushed the vacancy rate to less than 1 per cent in many areas.”

 

 

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About davidcutlerproperty
David Cutler is a highly successful sales consultant at Gary Peer Caulfield. David provides clients with six star service customised to their individual needs. From formulating marketing strategies, through to completing contracts, he is diligent, dedicated and highly motivated to achieve the best results. His growing base of happy clients is testament to his ability to develop strong relationships based on mutual respect and integrity. When he is not busy selling property David spends quality time with his young family. And when time permits he also enjoys on and off road cycling and is an avid fan of rugby union’s Springboks.

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