By Charlene Gatt
IN THE market for an investment property?
Look no further than Braybrook, which has been named one of the best perpetual renting localities by the Australian Property Investor.
Braybrook was listed as one of six prime rental areas across Melbourne alongside Albion, Broadmeadows, Dallas, Meadow Heights and Coolaroo.
Meanwhile, neighbouring suburbs Sunshine and St Albans were named among the best overseas migrant renter destinations.
“The lower socio-economic localities of Australia are home to large proportions of permanent renters; households that will never buy a property, with many also relying on some form of temporary or permanent government assistance,” the API research read.
“Vacancy rates are very low and defaults are rare.
“Typical house prices will vary from $150,000 to $300,000 providing rental yields around six per cent or seven per cent.
“They generate a reliable and secure source of income to investors, although the only buyers apart from investors in the current economic environment are renovators and only then in areas with potential.”
The news comes after the release of the Real Estate Institute of Victoria’s quarterly median house prices for September 2011.
The figures showed a 17 per cent drop in house prices for both Footscray and Maribyrnong, while West Footscray experienced an 11 per cent decrease.
Houses and units in Maidstone, Seddon and Yarraville recorded more modest price decreases, while Braybrook was the only suburb to record an increase, with the median house price jumping from $434,500 to $470,000.
