26th October 2013
VACANCY RATES AND RENT LEVELS HOLD STEADY Melbourne’s overall vacancy rate in August increased slightly from the previous month to 3.7%, but is still down from April’s peak at 4.4%. The Real Estate Institute of Victoria reports in its June quarter analysis that inner suburbs in the 4-10km range continue to remain steady around the 3% mark rising in June to 3.2% from May’s 2.4% and previous figures in 2013 ranging from 2.5 to 3.6%. Meanwhile vacancy rates from 10km out of the city’s centre and down to the Mornington Peninsula have risen slightly to an average of 3.4% from May’s 2.8%, but remain lower than January’s high of 3.6%. Average vacancy rates for all of Victoria are at a similar level of 3.5%, up 0.4%, which suggests relatively uniform levels of market supply and demand across the state.
Yarraville
104 Somerville Road 9316 9000
Williamstown 1/66 Douglas Parade (Corner Stevedore Street) 9393 1600 www.jasstephens.com.au
At the same time, rents achieved for two and three bedroom houses in the 0-20km Melbourne radius has remained relatively static (attracting median rents of $350 to $570 per week) for the June quarter with minimal fluctuations over the previous quarter – albeit with steady year on year increases of 1.4 to 3.6%. Properties attracting the highest quarterly increases of 2.8% have been two-bedroom houses in the middle to outer suburbs, averaging $350 per week, seemingly balancing out a 2.9% decrease in average rents for two-bedroom flats down to comparable a rental rate of $340 per week. Although there have been some signs of softening in outlying areas, all of this suggests that the rental market is holding steady. Our sales teams are observing increased activity in the market from investors as buyers enjoy record low interest rates together with a general improvement in consumer confidence. Craig J. Stephens Managing Director / Officer in Effective Control M 0418 547 938
As a service to our vendors, we will require names & phone numbers on entry of all inspections. Privacy Act 2000: We use personal information collected from you during open for inspections for security purposes. We may also use that information to contact you with respect to this property and others we believe may be of interest to you. Also, we may contact you in relation to other services provided by us or our associates such as insurance, mortgages and loans. By providing your information to us you agree to our use of it as described above unless you advise us differently. If the information is not provided we may not be able to provide an effective and comprehensive service to you. (Your personal information will be collected and held in accordance with provisions of the Information Privacy Act 2000). We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers are advised to carry out their own investigations. We strongly recommend that you clearly register your interest with our representative at the open for inspection, so that in the event of a sale being imminent, your position is protected. We make every effort to contact all interested parties prior to a property being sold.
MEET THE TEAM
MAREE CECCHIN
ANNA GRECH
ASTRID JANE
ALAN STEPHENS
REECE GOSSTRAY
Sales Trust Administrator
Senior Sales Consultant
Sales Consultant
Chairman
Phone 9316 9025
Mobile 0438 446 051
Mobile 0402 211 660
Mobile 0411 242 638
Project Sales Manager Banbury Village
Email salessec@jasstephens.com.au
Email agrech@jasstephens.com.au
Email ajane@jasstephens.com.au
Email astephens@jasstephens.com.au
MARK HUTCHESON
NICOLE GRECH
LACHLAN McCRAW
SUE STEVENS
MAX WALLER
Sales Consultant
Marketing Manager
Property & Finance Consultant
Mobile 0448 820 445
Mobile 0423 590 508
Business Development Manager (Property Management) - City of Maribyrnong
Director Provincial Home Loans
Email mhutcheson@jasstephens.com.au
Email ngrech@jasstephens.com.au
Mobile 0400 335 498
Email suestevens@provincialhomeloans.com.au
Email lmccraw@jasstephens.com.au
Mobile 0432 705 815
Mobile 0418 378 276 Email rgosstray@jasstephens.com.au
Mobile 0438 430 436 Email maxwaller@provincialhomeloans.com.au