Anyone looking into property investment loans for real estate in Melbourne could be happy to know that houses for rent have seen a decrease in availability, opening up the market for potential investment opportunities.
Melbourne's overall vacancy rate fell from 3.4 per cent in June to 3.2 per cent in July, while separate suburbs experienced different changes. For example, while the vacancy rate increased for the inner city suburbs (from 3.3 to 3.7 per cent), Melbourne's middle suburbs saw a decrease from 3.6 per cent to 3 per cent.
Rates in the outer suburbs dropped the most, decreasing from 2.9 per cent to a low 1.9 per cent. Furthermore, there was a median rent increase of $4 for the outer suburbs – bringing the total up to $305.
The inner suburbs also experienced a median rent increase of 3.6 per cent, bringing the price up to a high $520. The middle suburbs experienced a decrease of 4.2 per cent, with the median rent in these areas rounding out to $375.
Now could be a fantastic time to purchase property for sale in Melbourne. Auction clearance rates from last weekend (August 12) reached a huge 76 per cent – outshining last weeks 72 per cent, and the comparatively small 56 per cent from 12 months ago.
However, before approaching the real estate market, it's important to organise your home loan finances in order to help streamline your property search.
Regardless of whether you're looking into your first home loan or an investment home loan, understanding your financial situation can help to guide your property search and streamline your overall real estate experience.
You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.