Singles Dominate Melbourne Bayside

Singles dominate Melbourne Bayside

Inner Bayside Melbourne is the hotspot according to Real Estate Institute of Victoria (REIV) analysis of the 2011 Census data from the Australian Bureau of Statistics (ABS).

Bayside suburbs of St Kilda, St Kilda West, Carlton, Elwood and South Yarra have the highest proportion ofsingle person households in Melbourne along with Carlton says REIV Policy and Public Affairs Manager Robert Larocca. In St Kilda, St Kilda West, Carlton, Elwood and South Yarra at least one in three homes has only one resident.

These trends have an important impact on development and demand for housing, he continues. New developments clearly respond to this demographic trend by building residences more suited to single people, Larocca says.

Interestingly, the data also shows that the further the suburb is from the CBD, the less likely it is that only one person will be residing in the home, with one exception – the Belgrave/Lilydale train line, where most suburbs have a higher than average proportion of lone–resident households.

“At the other end of the spectrum are the growth suburbs: Point Cook, Greenvale, Roxburgh Park, Doreen, Narre Warren South and Narre Warren North, for instance. In those suburbs less than 10 per cent of homes only have one resident. The growth suburbs are obviously highly populated by growing families,” Mr Larocca concluded.

Suburb

% of lone-person dwellings*

St Kilda

36%

St Kilda West

35%

Carlton

35%

Elwood

32%

South Yarra

32%

Prahran

32%

St Kilda East

32%

Windsor

32%

Chelsea

32%

East Melbourne

31%

*ABS/REIV: suburbs with more than 15% vacant dwellings on Census night generally excluded.

9 mistakes to avoid on your road as a successful property investor

Property investing may be simple, but it’s not easy. And that’s not a play on words.

When you look at the statistics and see that most investors never get past their second property, you realise that most who get into real estate won’t achieve the financial freedom they were looking for.
While it’s possible to make good money in property, it will be more of an uphill battle in the current slow real estate markets. However, avoiding some classic mistakes will help keep you on the right track.

Read more about this article here.

The Gap Between Unit and House Prices is Closing

 

 

 

 

The rental market for units has outperformed that of houses during the year to September, according to Australian Property Monitors (APM).

Nationally median rents for houses fell by 0.2 per cent while unit rents rose 1.1 per cent, according to AMP’s Rental Price Series Quarterly Report.

Median rents for apartments is approaching parity with houses in most capital cities. In, Melbourne the median rent for units is $350 (houses $360), in Sydney $460 (houses $495), in Brisbane $360 (houses $370), in Perth  $370 (houses $380) and in Canberra $430 (houses $465).

“Annual figures show unit rental prices have increased at a significantly greater rate in most capital cities compared to houses,” according to APM senior economist, Dr Andrew Wilson.

Read more: http://www.news.com.au/money/property/units-almost-as-expensive-as-houses/story-e6frfmd0-1226165771251#ixzz1bB3ACUyz

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