Luxury apartment rentals in Melbourne are becoming increasingly in demand, which means that there is a great opportunity to take advantage of this growing trend. For those who are looking to invest their money in property, luxury apartments are forecasted to be a successful endeavour in the coming years.
Rental Statistics in Melbourne and Victoria
According to the Department of Human Resources of Victoria, in the third quarter of 2015, the average rent for metropolitan Melbourne increased by $10 to $380 per week, and that is only the median. The Melbourne Rent Index (MRI) went up by 0.7 percent in the previous quarter, and those prices are only going up as demand increases.
In addition, there has also been a 9.5 percent increase in lending to residential property investors in Victoria, accumulating in a total of $10.55 billion in 2015’s September quarter. As the luxury renting trend does not look like it is going to end anytime soon, this is the perfect opportunity to invest your funds and reap the benefits.
Understanding the Perspective of a Renter
While one may be more inclined to have the stability of owning a luxury home, there is clearly something to be said for renting. The more you understand as an investor about why young professionals are taking to renting luxury apartments in Melbourne, the more successful you’ll be in choosing the right property to invest in.
A total of 27.2 percent of the Greater Melbourne population are renters, according to a census in 2015 from the Australian Bureau of Statistics. One reason luxury apartment rentals are on the rise is that working professionals may not be able to afford to buy a home of their own in the location of their choice. Despite rent prices being on the rise, this does not mean, however, that they want to forgo living a more luxury lifestyle. By investing in a rental property, you will be providing these professionals with the opportunity to have the best of both worlds.
Many working professionals, especially those in corporate positions, have to travel for work, so it is important for them to have a place where they can keep up their lifestyle without making the commitment of buying. This gives renters flexibility to enjoy a prestigious lifestyle without being tied down to one property, neighbourhood or even city, should their work take them to another location.
EBG Developments specialises in developing beautiful and prestigious luxury apartments in Melbourne. Our developments are the perfect solution for those who are interested in investing in luxury property. Each development in our portfolio is in a sought-after location and sees to the highest standards of living.
Some of our projects include:
- New Charsfield
- Stonington Terraces
- The Norfolk Apartments
- Willow Gardens
To find out how you can benefit from the rise in luxury apartment rentals by investing in one of our properties, call EBG Developments today.