FIERCE competition for rental properties in Belmont is helping underpin sustained investor interest in the riverside suburb.
Out-of-town buyers looking for a good return continue to compete with young families in an encouraging sign for the market.
Stockdale & Leggo, Belmont agent Laura Berry said there was no shortage of interest across the board thanks to quality schools and lifestyle.
“Certainly activity at the opens has been strong,” Ms Berry said.
“In Belmont that catchment area and proximity to schools is always going to bring in young families.”
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Belmont is the most in demand rental suburb for houses in Victoria, according to recently released realestate.com.au data.
In the second half of 2018, the suburb recorded 3788 views per property listing.
Ms Berry said the tenant inquiry numbers had been “phenomenal” with multiple applications for each property.
She said this was sustaining investor appetite for properties like a three-bedroom house at 2 Charles St, Belmont that recently sold for $462,000.
“That was one of the investment groups from Melbourne so they are obviously still looking at our area,” she said.
“I think there has been a little bit of uncertainty with the (banking) Royal Commission but I still believe the investors are out there.”
Capital growth of 10.5 per cent in the past 12 months has pushed Belmont’s median house price to $530,500, according to CoreLogic.
But agents are tipping a slight shift away from auction campaigns in favour of private sales and more pre-auction sales as the growth rate eases.