More Stock demand as Melbourne House Rents inclines
Melbourne property market experiences a steep incline the rental prices. Experts suggest to creation or of more stock and balance.
Median rental price house increased to 1.2 percent for the March Quarter to $430 per week. While, unit prices increased to 2.5 percent to $410 as per Domain Group Rental Report.
Areas aside CBD as Monee Ponds, Elwood and Thornbury had the highest quarterly and annual growth for houses with median price increasing to $615 per week compared to $590 in March 2017.
Northern East suburbs including Preston, Kinglake and Hurstbridge had the highest quarterly growth and the second highest annual growth with price inclining to $360 per week wherein Mornington Peninsula had the highest annual growth of 6.5 percent to $330.
In the year to March, the number of rental listings for both houses and units declined across Melbourne – with only the houses in the north west increasing in number.
The number of units available in the outer east fell 18.5 per cent to 720, while houses dropped 15.3 per cent to 1882. The Mornington Peninsula had the second largest decline for houses listed (14.2 per cent), while inner Melbourne, the inner east, north east and the west all declined by at least 7 per cent.
While rents were up, rental yields were down by 5.9 per cent for the year for houses – though up slightly (0.5 per cent) for the March quarter to 3.14 per cent, the second-lowest of all capital cities, just above Sydney at 3.11 per cent.
Yields for units were stronger, with a quarterly increase of 3.2 per cent to 4.47 per cent.
Elsewhere, Hobart had the strongest growth for the quarter for houses (6.3 per cent to $420), while Canberra topped the list for units (4.7 percent to $450).
Darwin experienced a negative growth for both houses (down 3.6 per cent to $530 for the quarter) and units (down 1.2 per cent to $410).
