By CAM LUCADOU-WELLS
IT sounds a bit like a renter’s paradise in Pakenham.
There’s estate after estate brimming with brand-new luxurious three-and-four bedroom homes, priced between $350-$450 a week.
The rental returns are rising, but – attractively to tenants – well below Berwick and other suburbs in the region.
Erin Keam, of LJ Hooker real estate, advises landlords not to skimp on the luxury extra – such as coolers, dishwashers, remote-control garage and entertainment areas.
These are things that investors might not be able to afford in their own home, but are going to encourage their tenants to stay longer.
“It’s any renter’s dream to move into a brand-new home,” Ms Keam says.
There’s plenty of choice for tenants, and many options for investor landlords – who are buying into the new and still-to-be built estates around Pakenham and Lakeside.
Melissa Styles, of Barry Plant Pakenham, is holding rental inspections six days a week for up to 10 families at a time.
She says it’s little surprise that properties are being quickly turned over in this growing market.
To help with this, the real estate is using a database to efficiently match its tenants to suitable properties according to price and size.
“We have a lot of people moving from all different locations that are coming over to Pakenham.
“Being able to hold a database and match them to the property is great for us.”
Kelsey Bennett, of All About Rentals, says most tenants are families who are seeking to stay long term – an ideal situation for investors.
“The homes are close to shopping centres and close to schools. Families don’t like to move around once their children have settled into school.”
Many tenants are coming from Drouin and Warragul, as well as from south-east suburbs such as Endeavour Hills.
Ms Bennett foresees that the mooted Monash Freeway widening will have a strong effect on the housing market.
“With the Monash to be expanded, that’s when the prices will be on a par with Berwick.”
She says tenant checks are becoming increasingly thorough, widening beyond work and rental history to Facebook searches.
“You find out a lot about a person from their Facebook account.”
