Inner city insights from Red Report
Our expert agents in the inner city have shared their top three trends and predictions for their local market in 2017.
Top three trends
- Downsizers drive demand
Strong demand from downsizers for lock-and-leave living and a low maintenance lifestyle in the inner city.
- Townhouses in hot demand
Townhouses and small houses in South Yarra and Parkville are highly valued by renters who wish to live the inner-city life without having to purchase.
- Head north
The inner north is still incredibly strong with buyers and renters wishing to be as close to the city as possible. Many investors are buying now and leasing their property, with the aim to occupy it themselves in years to come.
Thanks to Melbourne’s surging population, demand for rental properties has gone gangbusters. Vacancy rates in the inner city are low and rental returns have grown in the last 12 months. With more demand for inner city living, competition for rental properties has increased, some open for inspections are even receiving up to 60 groups in one day. For those who already have investment properties in the inner city, this demand will drive up rental returns in the long-term.