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

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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