Recently, the CBD Melbourne apartment market have become more prosperous. Because they are close to the campuses of the University of Melbourne and RMIT and is within the free tram area. Not only so, the rent for the CBD Melbourne apartment rent for has risen correspondingly. Many overseas students, after their previous contracts have expired, must inevitably face the "bad news" - the rent has increased again!
Right now, a one bedroom, one bathroom, one car-park and fully furnished unit within the well-known Melbourne apartment, such as the William Barak apartment and Light House, include, can now cost up to $630 per week!
The Melbourne apartment market is especially prosperous in the school seasons of January, February, June and July. Landlords of many CBD Melbourne apartment seeks to lease their property, as the rent will correspondingly increase within the school seasons.
Last year, the vacancy rate of CBD Melbourne apartment was only 2%; if the newly-initiated short-stay rental of Melbourne apartment in the form of Airbnb is also counted, the vacancy rate will reach an ultra-low level of about 1.3%. The rumours in the real estate market about CBD apartments being hard to lease out, are extremely misleading.
Due to the phenomenon in the property market where demand is greater than supply, the CBD Melbourne apartment are not only in demand, but the rental return rate is maintained at a high level of 5%-6%, compared with 2%-3% of the first-tier cities in China, such as Beijing and Shanghai.
From the perspective of oversea students and families, whether they are enrolled in matriculation, undergraduate or a masters degree, both the housing rent and other expenses are unneglectable economic pressures, since rent prices in the Melbourne apartment market now incur an average annual 3-5% increase.
In this case, to invest a CBD Melbourne apartment will be worry less of rent increase in the next few years, and at the same time the house itself is expected to have an potential capital gain.
Please do not hesitate to contact our professional Melbourne apartment selling agent and Melbourne property managers at Elite Real Estate on 1300 354 839 for more information and advice.