Investors who've purchased rental property in Carlton are continuing to enjoy decent returns, as it emerges that costs have continued to rise across the Harbour City.
Rental figures from CoreLogic RP Data show that while the national combined capital city rental rates stand at $486 per week for houses and $464 for units, Sydney has exceeded the average. Combined rents in the city have now reached $595 per week – that's two per cent higher than a year ago.
CoreLogic RP Data research analyst Cameron Kusher explained that Sydney and Melbourne have once again broken away from the rest of the pack.
"Sydney and Melbourne, which have seen the largest ramp up in new housing supply and investor activity over recent year, continued to record rental rises over the past year however, each city is seeing a slowing in the pace of rental growth relative to 12 months ago," he commented.
Rental yields in the New South Wales capital currently stand at 3.4 per cent, marking a decline of 0.3 per cent from 12 months ago. This is higher than Melbourne, where yields registered at 3.1 per cent.
Recent findings from the Real Estate Institute of New South Wales (REINSW) show vacancy rates have also remained relatively stable over recent months. September figures show the number of rental properties in Sydney increased to reach 1.9 per cent.
REINSW president Malcolm Gunning described the market as stable, adding that supply levels are now starting to meet demand.
If you're hoping to invest in property in 2016, be sure to get in touch with the team at Ray White Carlton. Our experts can guide you through the process and help you secure a piece of real estate that is most suited to your individual goals.