As 2024 comes to a close, the rental market has continued to experience high demand, with rental yields reaching unprecedented levels across Melbourne’s northeast. With strong demand among Renters and a severe undersupply of properties, some Banyule suburbs have emerged as top performers in the last 12 months:
- Bellfield: Rental yields for houses rose by 34%, with weekly rents averaging $643.
- Yallambie: Houses saw a 20% increase, with rents now averaging $650 per week.
- Heidelberg Heights: Units experienced a 19% rise, with the average rental now at $500 per week.
Boosting Rental Returns with Miles Concierge
At Miles, we know that keeping your investment property well-presented is key to maximising returns. We offer a pre-lease refresh and renovation service through our Miles Concierge team. From initial planning and budgeting to full project management, we ensure a seamless process for property owners. A well-executed refresh not only reduces vacancy times but also adds significant value to your investment.
This year, our team achieved great results for updated properties, such as:
- 199 Waterdale Road, Ivanhoe: Leased for $1,000 per week.
- 12A Hall Street, Fairfield: Secured a premium rental of $1,200 per week.
As we move into 2025, the challenges of low rental supply and high demand are expected to continue. Now is a good time to consider enhancing your property’s potential. Whether through a re-fresh or renovation or a better management team at Miles, we can help. If your property is managed with another agency, we make transitioning to Miles seamless and stress-free.
Contact our experienced Property Management team today for an up-to-date rental appraisal.
Source: theage.com.au
