Are you thinking about making your mark in Melbourne? Now is the perfect time to own rental property in Carlton, given figures released by the Real Estate Institute of Victoria (REIV).
According to the industry body, rental yields in Carlton climbed to an impressive 8.50 per cent for one-bedroom units in the 12 months to March, which is certainly a favourable figure if you're an investor.
Weekly median rents in the popular inner-city suburb for one-bedroom units alone reached $340 in March 2014. Two-bedroom units were being rented for an average $472 per week, with a 4.60 per cent gross rental yield.
When it comes to houses, Carlton has also been performing well.
For instance, a two-bedroom house in Carlton would receive a median weekly rent of $480 during March 2014, with a 3.10 per cent rental yield. There was a big jump in median weekly rents for three-bedroom houses, with the figure leaping to $720 during March 2014.
The average Melbourne rent was $445 for a house during April 2014, according to a 22 May article from Residex founder John Edwards. Melbourne units recorded median weekly rents of $395 during the same period.
If you're thinking about investing in real estate in Carton, you could certainly reap the rewards.