Real Estate Melbourne – buying or leasing?

Residential Real Estate

Wanting to buy a home or real estate Melbourne? It’s all about location, location…

Inner City Real Estate has been a hot commodity and booming this year with an annual growth rate of 22% and a median home price of $650,000.

Reasons for this are population increases, low unemployment and high consumer confidence. You are lucky if you are a seller - inner city real estate Melbourne is still outstripping supply.

Middle suburbs and outer city suburbs have been growing at a much slower rate. The median price for a Melbourne home is now $420,000, and there are now no suburbs with a median below $200,000 in metropolitan Melbourne.*

Nevertheless, Melbourne is still reasonably priced compared to other Australian cities. There are even still affordable bayside suburbs in areas around Altona on the west of the bay, and Seaford and Frankston east of the bay.

Renting in Melbourne

Melbourne rental vacancy rates are at their lowest level ever. This has caused a marked rise in weekly rents, especially in the inner city suburbs.

There is a noticeable shortage of housing because most of new migrants and slowed construction. It can at times be difficult to find the right property to rent in the right area.

While there are some private rentals, the majority of homes are rented via real estate agents.

Melbourne Commercial Real Estate

Melbourne has been booming with new developments. Nevertheless, it continues to have steady and excellent clearance rate for commercial property. The vacancy rate for Melbourne office space has hit a 20-year low, causing rents to rise.

Melbourne is thriving and on the way of becoming the new industrial capital – definitely a good place to invest! New industrial developments tend to quickly absorb existing land supplies.

Here is more on Melbourne Commercial Real Estate.

Foreign Real Estate Investment

If you are a foreigner, the Australian Government wants to make sure that your investment in real estate will increases the housing stock, which is under stress through migration.

You must seek prior approval before purchasing residential real estate through the Foreign Investment Review Board.

Check this link if you want to acquire Melbourne commercial real estate as a foreigner.

* June 2007 quarter figures, The Real Estate Institute of Victoria Ltd.

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