Location, Location, Location – This is one of the key elements you need to consider when selecting an investment property. Picking a property in a sought after suburb in the right location is vital for the success of your investment and getting a tenant. Melbourne, Brunswick, South Yarra and Richmond are the top 4 most searched suburbs on Domain.com.au by renters in Melbourne. Domain Group has released the top 20 searched suburbs for rental properties, with all but 2 in a 10-15km radius of the CBD.
We live in a society where our renters are spoilt, they want to be able to walk out of their front door and grab a cup of coffee on their short walk to public transport. Tenants want to be close to local bars and restaurants, and require their amenities to be at their doorstep. They will place more emphasis on living in a vibrant and bustling location with a better work/life balance than they place on price, and will mostly pay more to be in a suburb that offer this amenity to them.
Developers are taking advantage of the rise in demand for housing in areas that are heavy on public transport, convenience and lifestyle amenities. More and more developments are popping up in the inner suburbs allowing the culture of the suburb itself to evolve and expand to cater for their influx of new residents. New developments in Nicholson Street, Lygon Street and Sydney Road are examples of the high level of demand for housing in the inner suburbs. The rapid growth of the Brunswick area is largely due to the planning rules that state that high-density living is permitted around transport hubs, the convenience and social culture that the suburb exudes.
Image credits: Bidgee (Own work) [CC BY 3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia Commons