The Victorian Property Market is doing better than most right now. We have more residential construction and development than any other state and we are seeing great property returns. But as it turns out we are also one of the top performers when it comes to renting.
According to a recent report carried out by the Real Estate Institute of Australia, Victoria is one of the most affordable states to rent.
For a rental home in Victoria all you need is 22.6 percent of the average family income based on the figures used from this year’s March quarter.
This compares favourably to New South Wales and Queensland who need 27.4 percent and 24.9 percent of their incomes to rent respectively.
The cheapest place to rent though is the ACT where only 16.6 percent of the average income is needed.
Apparently though while Victoria is one of the cheapest places to rent, we don’t have enough places to rent out! With our population on the increase we need more homes to keep up with all the people wanting to move here.
So if you buy an investment property in Victoria it looks like you won’t be short of tenants wanting to move in.