Unit demand highest in Yarra

Anyone planning an off the plan Melbourne property investment may wish to look to suburbs where the demand for units outpaces the demand for houses.

The Real Estate Institute of Victoria has published a number of interesting figures as part of its report on property movements in the December quarter.

It noted three municipalities where demand for units is considerably higher than that of houses. In Yarra, for example, an 11.8 per cent rise in demand for apartments and units was recorded in the last three months of 2011, compared with a 2.4 per cent increase in demand for houses.

A similar situation was recorded in Maribrynong, which saw an 8.2 per cent increase for units while recording a 0.8 per cent fall in houses median.

Houses median was also relatively unchanged in Frankston - recording an increase of 0.1 per cent - while demand for apartments and units was recorded at 6.7 per cent.

Units are particularly popular among working professionals and investors may wish to consider a number of other factors when choosing a buy-to-let property.

These include proximity to good transport links, as well as cafes, restaurants and nightlife.

Posted by Sara Pritchard