{"id":20106,"date":"2018-02-08T01:00:29","date_gmt":"2018-02-07T14:00:29","guid":{"rendered":"https:\/\/www.realestatetalk.com.au\/?p=20106"},"modified":"2018-02-08T01:00:29","modified_gmt":"2018-02-07T14:00:29","slug":"melbourne-yields-are-up-cate-bakos","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/melbourne-yields-are-up-cate-bakos\/","title":{"rendered":"Melbourne yields are up \u2013 Cate Bakos"},"content":{"rendered":"<p>Rental yields are on the improve especially in Melbourne.\u00a0 <strong>Cate Bakos<\/strong> says the competition for rental properties is really heating up.<br \/>\n<strong>Transcript:<\/strong><br \/>\n<strong>Kevin:<\/strong>\u00a0 There have been some mixed stories about the Melbourne market in recent times, but some good news emerging. Cate Bakos from Cate Bakos Buyer\u2019s Agent in Melbourne, CateBakos.com.au, joins me.<br \/>\nGood morning, Cate.<br \/>\n<strong>Cate:<\/strong>\u00a0 Good morning, Kevin. How are you going?<br \/>\n<strong>Kevin:<\/strong>\u00a0 Good. Happy New Year to you, too. First time we\u2019ve spoken in 2018.<br \/>\n<strong>Cate:<\/strong>\u00a0 It is.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Cate, tell me about rental yields. They look to be increasing in the eastern major cities, anyway, particularly in Melbourne.<br \/>\n<strong>Cate:<\/strong>\u00a0 Yes, that\u2019s right. We\u2019ve had particularly low rental yields in Melbourne. Always, Melbourne is the lowest capital city for rental yields. But we haven\u2019t seen a lot of rental growth of late, either. We\u2019ve had a really strong growth market, and I guess the down side of something like that is rental yields can drop.<br \/>\nFor the first time in quite a while, we\u2019ve seen an increase in our rents, and it\u2019s been across the board but we\u2019ve particularly noticed it in the inner ring, as well. We\u2019re even seeing large numbers of tenants attending open for inspections and sometimes pushing the rents above the asking range. So, it has been quite noticeable.<br \/>\nI\u2019d put it down to a combination of things, largely APRA\u2019s interventions in investment lending and a slowdown of investors in the market, and also the tightening on bank servicing, which has precluded home ownership for some people who were only just able to secure a home before the measures got a little bit tougher.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Do you think, too, Cate, it reflects a change in lifestyle for us or an acceptance of a change in lifestyle that we\u2019re finding units much more desirable?<br \/>\n<strong>Cate:<\/strong>\u00a0 Not necessarily. I think Melbourne is one city, as an example, that has always had an acceptance of people being prepared to rent in areas where they choose to live. And not just the rentvesting model; we also have tenants out there who might be professional tenants who have a portfolio of shares or other investments.<br \/>\n<strong>Kevin:<\/strong>\u00a0 There is a wide range of tenants in Melbourne, aren\u2019t there? Very transient?<br \/>\n<strong>Cate:<\/strong>\u00a0 Yes, we do. We have people on contracts. We have professional tenants who may not necessarily wish to lock themselves into a particular area. We have a pretty broad array of tenants, and so it\u2019s always been quite accepted that we have professional tenants out there and investors have to cater for them.<br \/>\n<strong>Kevin:<\/strong>\u00a0 We\u2019ve also heard a lot of talk over the last 18 months, particularly over the last 6 months, I guess, about an over-supply of apartments in Melbourne. But that\u2019s certainly not being reflected in growth, is it?<br \/>\n<strong>Cate:<\/strong>\u00a0 We\u2019ve had some really good growth data for apartments. I was really impressed when I was reading through the growth data in most recent CoreLogic quarterly report to see that what feels apparent out there is actually reflected in the data. So, in the final half of last year, we certainly saw a change in sentiment around particularly boutique gated apartments in great locations.<br \/>\nWhile there has been talk of an over-supply in the inner city, we certainly have a lot of areas that offer apartments, and particularly, really nicely located boutique ones. They have been going really well. They\u2019ve been performing strongly, and we\u2019ve had the first-home buyers largely pushing those, as well.<br \/>\n<strong>Kevin:<\/strong>\u00a0 This raises a great point, and we\u2019ve spoken many times about how diversified the market is in different parts around Australia. We\u2019re now seeing this diversification emerge in the style of property, as well. You just can\u2019t have a statement that says there\u2019s an over-supply of units in Melbourne when you look at the different styles of units, which is really what you\u2019re highlighting there, Cate.<br \/>\n<strong>Cate:<\/strong>\u00a0 Absolutely. Units doesn\u2019t just reflect apartments. Units generally reflect something that has been subdivided. So, we have townhouses and villa units in that mix as well. The data integrity is only as good as what\u2019s reported, but we can\u2019t assume that unit just means brand-new, one-bedroom, high-rise apartments; it actually spans a lot of dwellings. And a lot of those dwellings are deemed super-desirable by tenants and by owner-occupiers. Of course, it\u2019s sentiment that drives growth, so we have to take that into account.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Great talking to you, Cate Bakos, buyer\u2019s agent out of Melbourne, CateBakos.com.au.<br \/>\nThanks for your time, Cate.<br \/>\n<strong>Cate:<\/strong>\u00a0 Lovely to chat with you, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rental yields are on the improve especially in Melbourne.\u00a0 Cate Bakos says the competition for rental properties is really heating up. Transcript: Kevin:\u00a0 There have been some mixed stories about the Melbourne market in recent times, but some good news emerging. Cate Bakos from Cate&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":20107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[34,10,11,13,36,25,27],"tags":[101],"class_list":["post-20106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Melbourne yields are up \u2013 Cate Bakos - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/melbourne-yields-are-up-cate-bakos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Melbourne yields are up \u2013 Cate Bakos - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Rental yields are on the improve especially in Melbourne.\u00a0 Cate Bakos says the competition for rental properties is really heating up. 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