“November is the new growth month”
Hi Guys, it’s Jason Mudford from OBrien Real Estate and welcome to our Property News for Property Investors where real estate information is on the house.
The month of November was certainly a month of confidence building. A state budget with attractive stamp duty incentives was released, interest rates went down, the US election was held, there was the development of a number of Covid-19 vaccines, sharemarkets posted their biggest percentage gains in decades and real estate prices turned the tide with every capital city in the country posting positive gains.
Here’s the November data from corelogic on the rental market.
In Metro Melbourne inside the rental market, we have seen rental prices remain flat, since March 31 this year we have seen a 1% drop in weekly rents for houses and a 7.6% drop in units, this drop for units is mainly prevalent in the CBD market with some rentals reductions around 35%. Rental yields overall in Metro Melbourne is 3.2% with regional markets at 4.4%. Regionally the story is much stronger, with 2% growth in rental prices since March 31 for homes and 2.1% for units and from a rental yield perspective overall achieving a 4.4% return for the regional marketplace.
Moving onto the OBrien numbers for the month of November.
We had a very strong month with 192 properties let, our vacancy rate was a fabulous 1.5% with the average weekly rental coming in at $535 and the highest weekly rental of $1195 achieved.
That’s all for this week, I’m Jason Mudford. The information provided today is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.