Home buyers on the hunt to buy property in Brunswick might be aware that prices in the city have been sharply on the rise. CoreLogic RP Data's monthly indices reveal that the average value of Melbourne houses was $795,460 in November. For many, this won't deter their search, as they decide that the lifestyle, comforts and/or investment opportunities of the property are worth the asking price.
For others, it might be the reason to hold on and wait before making a purchase as the market eventually cools down. In this situation, renting might just be the way to go.
If you're currently renting or considering the prospect of it, a December 3 release by CoreLogic shows that weekly rental growth has been at its lowest in the last 12 months. As of November 30, the average rental rate across the capital cities was respectively $486 per week for houses and $464 for units. In Melbourne, this was actually lower, with the average rent for all dwellings being $449.
Over the quarter, this represented a marginal 0.3 per cent increase. On a year-on-year basis, it's a growth of 2.1 per cent. Clearly, the sheer volume of rental homes on the market means that competition is stiff, which is reflected in low rental price increases. Furthermore, CoreLogic research analyst Cameron Kusher says this could slow down even further over the following months thanks to lagging migration rates combined with oversupply.
If you're thinking that it might not yet be your time to buy a piece of real estate in Brunswick, there are other options on hand. Renting looks to be a secure, stable and affordable (compared to the price of buying) way to live in Melbourne. Give Ray White Brunswick a ring and let's see if we can find a rental property to suit your lifestyle.