Here’s a statistic that may surprise you - one in 10 Australians now choose to live in an apartment. That’s a 78 per cent increase over the past 25 years, according to the latest ABS data.
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Australian appetite for property is stronger than ever, but the gap between house values and wages is widening at an alarming pace.
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There are always good properties to be found if you know where to look, and Melbourne’s north-west growth corridor continues to be an increasingly attractive option.
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Australia’s property market is experiencing a boom that even a pandemic can’t dampen, with prices at all-time highs and interest rates at all-time lows. However protracted lockdowns and slow vaccine roll-outs have left potential investors wondering what the next 12 months are going to look like for the market.
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In the biggest shake-up to the Victorian Residential Tenancies Act in more than two decades, a raft of new laws came into effect in March 2021. Covering everything from allowing renters to make minor modifications to the rental property to limiting rent increases to just once a year, the 132 amendments aim to “make renting fairer” for Victoria’s 1.5 million tenants. Among the most contentious of these government reforms is the new pet clause, which makes it easier for renters to have four-legged friends in the home.
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For any Melburnian with six lockdowns and counting under their belt, news that city dwellers are fleeing the concrete jungle in record numbers and relocating to greener pastures will come as no surprise.
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