Wanting to buy a home or real estate Melbourne? It’s all about location, location…
Over the last year inner City Real Estate has been a hot commodity and booming and busting with the financial markets. Median Melbourne home prices are around $520,000, and substancially higher in the inner city.
Reasons for the stable price rises are population increases - but really we are not immune to the happenings of the rest of the world either. Cycles keep turning from sellers to buyers markets.
Melbourne used to be more reasonably priced compared to other Australian cities, but has pretty much caught up with Sydney now. The best place for affordable home is in areas around Altona and in the West - or in one of the new suburbs that are springin out all over the rim of Melbourne. But they are really not for everyone!
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 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.
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.
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