Best Suburbs To Invest In Melbourne – Victoria’s capital, metropolitan Melbourne, has seen Australia’s strongest growth in short-term rentals over the past two years, with more than 20,000 active listings. With nearly 263,700 nights booked in January 2019, Melbourne’s vibrant vibrancy and cultural capital make it one of the most lucrative short-term rental destinations in the United States.
Over the past year, the average Airbnb price per night in Melbourne has ranged between $163 and $210 per night, depending on location, property type, number of rooms, and season.
Best Suburbs To Invest In Melbourne
The most popular suburbs in terms of occupancy are found to be concentrated within a 5 km radius of popular tourist areas with bars, restaurants, cafes and shops to the east of the city centre.
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Brunswick, Northcote, Collingwood, Brighton, Abbotsford and Albert Park are the most popular suburbs for accommodation, with Fitzroy, Collingwood, Richmond, Turk and St Kilda the most popular year-round apartments.
Similar to Sydney, the most popular type of accommodation option for short-term rentals are two-bedroom buildings that are apartments. However, as a housing type, single-family homes and apartments in the same suburb perform very similarly, regardless of bedroom size.
The seasonal effect on short-term rentals in Melbourne is much smaller than the effect in Sydney. This is because the upper suburbs remain largely the same in hot and cold seasons.
With steady occupancy rates and overnight rates, Melbourne is expected to show strong growth and demand for short-term rentals over the next decade.
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Melbourne has a relatively flat share throughout the year, with only a slight increase in summer (from 62.6% in winter to 68.3% in summer). For example, the most popular suburban home in Brunswick is about 71.8% in winter and 78.4% in summer.
Unlike Sydney, where occupancy is high due to the abundance of beaches, Melbourne is likely to see an increase in occupancy due to an increase in popular sporting and cultural events during the summer.
However, suburban areas such as Richmond, Collingwood, Brunswick, Abbotsford and Albert Park are close to sports and entertainment venues, ensuring high occupancy throughout the year.
Location, price, and seasonality are key factors in determining the success of a short-term rental, but additional factors such as housekeeping, customer experience, furnishings, and style are just as important.
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Efforts to maintain passive income from short-term rentals can sometimes feel overwhelming when combined with five other roles in addition to a full-time job. In these circumstances, short-term rental property management companies are often the most profitable and effective solution, providing additional staff and expertise and can provide a hassle-free great customer experience.
If you’re looking for Airbnb managed services in Melbourne, MadeComfy is the best short-term rental manager (also offered in Sydney, Brisbane and Gold Coast) where you can find an instant rental from our website calculator (madecomfy.com). You can get a rental quote. Request a free university assessment or the possibility of renting out your property.
Disclaimer: Subject to due diligence, the views expressed by contributors and/or paid content do not necessarily reflect your investment views.
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QLD suburbs expect a significant price increase after the 2032 Olympics. Some of the cheaper prime Olympic suburbs are likely to reach an average price of $1 million after the sporting events. Winter ends with surge in new listings Rental vacancies still shrinking and now at lowest level since 2006 Auction market expected to remain crowded for remainder of 2022 Queensland’s new land tax rules Could cause rents to explode: Sydney’s 5 best suburbs to offer green investors tax credits Beat recession upgrades 5 key trends to develop this spring sales season Spring sales season High interest Despite rates, most sought-after listings start to decline What about suburbs in Queensland? The Reserve Bank of Australia has raised the tax rate again and the current cash rate is 2.35%. How will Queensland’s new dual land tax affect investors and tenants? Vacancy rates are still at record lows, and now we’re hearing reports that the city’s property market is in decline. This means that deciding where to invest in 2022 can be a wise decision.
According to CoreLogic Hedonic’s latest home price index released on April 1, Melbourne’s housing market has fallen by 0.1% over the past three months, down from 5.8% in April last year.
According to CoreLogic, the average house price in Melbourne is on the verge of breaking the $1 million mark at $999,037, with an average unit price of $629,072.
Despite favorable market conditions across the country, the Melbourne rental market has maintained house rent growth of 4.9% over the past year and unit rent growth of 6.9% over the past year.
Top 5 Suburbs To Invest In 2021: Melbourne
So, if you are thinking of investing this year, take a look at Melbourne suburbs. We’ve compiled our picks below.
Located 48 kilometers southeast of Melbourne’s Central Business District, this property is a favorite among buyers.
Officers were popular due to their low fares and stable track record along rail lines and the Princes Highway.
Data from the Real Estate Institute of Victoria (REIV) showed the average sales price for the quarter ending December 2021 increased by 1.7% with a median price of $683,000.
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On the rental side, officer properties attracted approximately $410 per week in rent and a rental yield of 3.2%.
Arcadia, a popular master-planned community in The Office, includes three new schools, a daycare center and the spectacular Dragon Park playground.
Among Melbourne’s outer western suburbs, Caroline Springs has made big gains with median house prices up 10.9% over the last year.
According to the REIV, suburbs located 21 kilometers west of the central business district saw strong growth in real estate values, with median house prices rising from $745,000 in the September 2021 quarter to $826,500 in the December quarter. went
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Caroline Springs’ rental yield is 3.1%, compared to the metropolitan average of 2.3%. A four-bedroom house rents for about $470 a week.
Long a pasture for farming, Tarnett has undergone significant demographic changes due to city expansion, along with residential subdivision 30 years ago.
The suburb, located 24 kilometers west of Melbourne’s CBD, is receiving an influx of new residential developments, including Bluestone Properties in Melbourne.
The property covers over 13 hectares and is conveniently located 40 minutes from the nearest Tarnet train station to the Central Business District.
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For the quarter ending December 2021, house prices in Tarneit increased by 5.2% to an average of $618,000, while the suburb is also offering strong rental returns of around 3.3% with an average weekly rent of around $380. .
Tarnet had a population of 34,562 at the 2016 census and it is estimated that by 2031 the suburb will have over 63,000 people.
Considered by some to be a true hidden gem, St Helena is a fertile small suburban area 26 kilometers north-east of Melbourne’s central business district.
The existing suburban area, surrounded by large open spaces, provides easy access to schools and excellent transportation. Classified by small cul-de-sacs and crescent-shaped fields, the area has several parks, playgrounds and ovals within walking distance.
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Due to St Helena’s strong performance in the housing market, property prices increased by 26.4% to an average of $1.22 million by December 2021.
Launched in February 2022, St Helena Place promises to deliver a boutique residential community surrounded by a fully renovated wetland. It is a special “hidden oasis” within the larger and more popular Greensboro area.
With a well-established community, Milton South grew up in the countryside and admired Milton, a railroad town, a variety of schools, and the campus of the University of Victoria.
The suburb, which is 37km west of Melbourne, has seen a rise in property prices at the end of last year with property prices increasing by an average of 18.4%.
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REIV data shows the median house price rose by almost $80,000 in just six months, from $430,750 in the September 2021 quarter to $510,000 in the December quarter.
One of Melbourne’s fastest growing suburbs over the past two decades, Pakenham has seen significant growth in new residential development and infrastructure, and its population is expected to continue to grow.
It is located 54 km south-east of Buckenham, Central Business District