If you are renting and paying $950 a month, it's very easy to spend the rest of your pay-packet on meals out, new clothes, and entertainment. There is some inherent benefit of having a mortgage and needing to pay the loan repayments. This is a habit aspiring home-buyers should get into. That is what many people are doing. Agents say, that in most cases, expectant owners who rent, have chosen to absorb higher rents and stay where they are, while continuing to save for a house.
Most tenants have heard, or read, in the media, how tight the rental market is at the moment. They are prepared to pay the difference, until they decide what they want to do. In many cases, the rent rises are encouraging them to get into the market sooner.
Agents overwhelmingly tip that the inner city and middle suburban areas are safer investments than the outer suburbs, a fact supported by REIV (Real Estate Institute of Victoria) findings. In its latest analysis of the market, it highlighted that each of the top ten suburbs to report strongest increases in median house prices for the year were within a 15-kilometre ring of the city. By comparison, all ten suburbs to report the lowest increases in median house prices were in the outer suburbs, and areas not well serviced by public transport.
We live in a consumer generation that is very confident about the future. Some people have only ever known prosperity and don't understand the idea of investing for a bad period. Renting fulfils all their needs; and they don't focus on the reality of buying real estate. Normally these people have a 'live for today' attitude, which suits the times of this generation and this is why we have this boom situation. If you are ready to rent you will find a selection of houses, and apartments for rent, all located in Victoria when you go to OzFreeOnline.com. Take advantage of the thousands of property listings offered on Australia's largest free online property listing pages, where you can buy, sell, rent an apartment, or house all from the comfort of your own home.
Generation X's and young Generation Y's are making the inner city and surrounding areas more attractive to property investors. Perhaps this is because some renters don't want to be drawn into holding down a loan; consequently, you have many people staying in the rental market.
