NOW is an opportune time to invest in a rental property as, according to Domain, vacancy rates fell to a record-low of just 0.9 percent across Australia in July.
This remarkable figure equates to just one out of every 100 rental properties being vacant in July, country wide.
This incredibly low figure was replicated in Melbourne with a vacancy rate of just 1.4 percent.
As a result, the rental market strongly favours landlords and, “This means tenants are likely to face increases in asking rents,” says Domain.
Property researcher, SQM qualifies this increase by reporting a 17.3 percent increase in rents in Melbourne for the year leading to August 12, 2022.
As you can see, many property investors are experiencing large increases in their rental income. If you’d like to buy an investment property, get in touch with Mike Timothee, trusted mortgage broker, at Loan Market Shepparton situated at 281 Wyndham Street Shepparton or call 0438 372 280.
