THE latest Australian Property Monitor data has revealed mixed news for Melbourne renters.
According to Dr Andrew Wilson, senior economist for Australian Property Monitors the median asking weekly rental for Melbourne units, rose by 2.9 per cent to $350 over the March quarter, while the asking rents for houses fell by 1.4 per cent $360.
Recent rises in unit rents may reflect increased demand from an influx of disaffected first home buyers, priced out of the housing market and seeking accommodation in a tight rental market. Demand for units may also indicate increasing preference by Melburnians for lower-cost, convenient inner-city apartment living as opposed to more expensive, dislocated and under-serviced outer-suburban houses.
Dr Wilson said that increasing demand for inner-city apartment living in Melbourne may be satisfied over the next 12 months as significant numbers of new units are expected to enter the marketplace.
Source: Sydney Morning Herald
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