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.

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

Why your Investment Property Could Thrive from a second GFC

Debt, Recession Global Financial Crisis (GFC). These are terms we hear a lot lately. But if you look back at property in times gone by, an economic slump around the world could potentially be a good thing for your investment property.

This is because historically, financial crises have sent investors scurrying to the relative safety of housing, which is nowhere near as volatile as other forms of investment such as shares and the like.

Another trend that tends to occur during such times, where countries find themselves in financial crisis, is that people leave in favour of greener pastures. Therefore, if the situation deteriorates in Europe, as it looks to be doing, Australia might find itself, once again welcoming a new wave of European migration. While the US have commenced printing more money to inflate itself out of debt, the countries in the European Union don’t have this option.  The thousands of disgruntled Spaniards, Irish, Portuguese, Italians and Greeks may seek their fortunes here, in Australia as we are protected from the European economy  because of our reliance on Asia.

This influx of migrants will in turn generate economic growth and the housing market will boom for investors in the areas where they choose to settle –  just as our history shows. Capital cities would be the best affected by this, but they could also find employment and migrate to our regional areas.

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