Whether you’re driving down the Eastern Distributor into the city or making your way to the airport, you can’t help but look across at Victoria Park and think, “What is going on there?” With the landscape changing on a regular basis and new residential towers reaching to the heavens, you cannot help but wonder what holds within, and this is being felt in the leasing market throughout the area.
Having completed endless opens, for all different complexes throughout the area, each open for inspection has had the same trait in the last 12 months…..BUSY. Whether it is the 1 bedroom studio or the 3 bedroom loft apartments gazing over the city skyline, people want to be living in the area and the foot traffic at the open inspections is testament to that.
The positives for potential renters far outweigh the negatives, whether it be its location and its close proximity to the CBD, Eastern Suburbs and Airport, new buildings, modern amenities such as the shopping mall which is set to open later in the year or the affordable rental prices, these are only a few factors which appeal to those who are looking to move into the area.
By examining census results from 2001,2006 and again in 2011 shows just how the area has evolved into what it is today and where it is heading in the future. With over 80% of the residential dwellings throughout the area being apartments and many of those being owned by investors, the renting market throughout Victoria Park and surrounding areas is strong. This is a positive for both landlords and tenants as both cannot operate successfully without the need of the other party.
As mentioned earlier in this post, foot traffic throughout the opens has been high which is a positive sign for potential investors. By having appropriate advertising strategies in place ensures that vacancy is limited and that the correct tenants are found. After having spoken to numerous applicants at open for inspections, people are not too phased by the apartments themselves as they just want to reside within the Victoria Park precinct. This is proof of how people are looking to settle in the area because of the many positives which will better suit their lifestyle.