Victoria Park is perhaps one of the most overlooked suburbs in Perth. The neighbourhood is situated in an enviable location, close to Perth CBD, and sharing the foreshore with South Perth for amazing city views. The vibrant community is bolstered by ample shops, cafes, and a strong restaurant scene with truly international offerings. Home to independent individuals as well as families, with real estate in Victoria Park spanning from new units to turn of the century houses, this suburb offers ample choice for those seeking the ideal Perth lifestyle.
What It’s Like to Live in Victoria Park
Victoria Park is home to a largely younger population, with the majority of residents being under 50 years old. These are students and professionals, taking advantage of the close proximity of Victoria Park to the city for an easy commute. Combine this with the thriving café and restaurant scene on offer, and you have a vibrant suburb brimming with life and positive energy. Albany Highway is home to the majority of the popular cafes, restaurants, and pubs in this well trafficked suburb. Close enough for locals to walk and offering a staggering array of choice, Victoria Park locals have little reason to eat elsewhere.
When not enjoying the buzz of cafes, locals of Victoria Park have several parks available at their doorstep. McCallum Park is an always popular choice, located on the foreshore offering large open spaces and uninterrupted views of the city skyline. Charles Paterson Park is perfect for family get togethers, offering large grassy fields, public BBQs and picnic tables.
Homes in Victoria Park include new townhouses and riverside units, offering stunning views of the city skyline. Additionally, there is no shortage of heritage homes, creating a classic timeless feel to the suburb. These Victorian, Edwardian and 1920s homes dot the suburb and lend a charming sophistication to the neighbourhood.
Nearby Shopping, Schools & Transport
This suburb is serviced by two shopping centres, Victoria Park Central and The Park Centre, giving residents little need to leave for daily essentials. There are 3 schools within Victoria Park, and several nearby schools in neighbouring suburbs, offering plenty of choice for families.
Victoria Park gets high marks for its ideal location and public transport access. The Victoria Park train station and the Victoria Park bus station are both walking distance and offer direct access to Perth CBD or Curtin University. Albany Highway is a main road easily connecting the suburb to the rest of Perth for those driving elsewhere.
Victoria Park is one of the most affordable inner city suburbs in Perth. Offering a fantastic location, vibrant café and dining scene, ample shopping, and accessible public transport, there is little to be found lacking in this gorgeous suburb. If you are considering moving to or investing in Victoria Park real estate, be sure to call M Residential. M Residential specialises in Victoria Park real estate, and has a team of property experts who can help you find your next home. Call M Residential today for all your real estate needs.
Investing in real estate is a great investment which virtually ensures profit through capital growth and of course the tax advantages associated with owning an investment property.
There are many ways in which the investor can maximise the income derived from their investment property. Most investors think that the only way to do this is by asking for or achieving the highest possible rent.
There are a number of invisible ways in which the property investor can maximise the income of their investment property.
First is to have an annual program of reviewing and increasing rents to a figure just below market rent. This ensures not only a growth in rental income, but by setting rent just below market rates, you ensure that your tenant’s perceived value and interest in your property and is more than likely to remain for an extended time, therefore reducing the chance of vacancy and real loss of income of minimising the chances of having a non income producing asset.
Another invisible way that investors maximise their investment property income is to tailor the lease term around the peak letting times of the year. Rather than having the standard six month lease term in place, savvy investors steer clear of standard lease terms and ensure that a lease term expires in the better letting periods of the year. In these instances, should the tenant vacate the property it will be on the market in a better reletting period which in turn reduces days vacant and increases the opportunity of achieving a higher rental.
By tailoring the lease term, the investor is taking advantage of market place conditions to ensure a better continuity of income and ability to have a greater chance to increase cash income via a higher rent achieved in a peak letting period.
Your property manager is pleased to assist you in tailoring your lease term to assist in maximising the income you derive from your investment property.
When reviewing rents and tenancy agreements the question often arises “Should the rent be increased and if so, by how much?”
When we review your rent, the first thing we do is determine the nature of the tenancy and then do a comparative market analysis to assess the rent the property may achieve on the current market. This is how the market rent is determined.
Many investors are reluctant to increase rents at properties where they have retained a good long standing tenant and although this is sometimes a good practice where vacancy rates are high and the rent has only marginally risen, it is important to refrain from consistently choosing this approach.
It is also important to move with the market as conditions do not always reflect increases in costs. When these costs occur, as income is not being maximised, the costs can have a negative effect on the performance of your investment.
If an investor is put in a position where they need to sell their property, having the rent at less than market value can have a negative impact on securing a sale at a reasonable price.
Well, the End of the Financial Year is only three months away!
Now is the time to review your property investment to ensure that you have got all your financial documentation in order such as all rental statements and invoices for expenses.
It is also a wise time to be undertaking preventative repairs and maintenance to your property, not only to improve the amenity of the property but also to maximise the tax deductions that you can achieve.
Have you invested in a tax depreciation schedule which could save you thousands of dollars a year in tax deductions? Please call your property manager who can arrange this for you.
The last quarter of the financial year is also a good time to review the insurances on your property. Are they adequate and do they offer a full array of landlord protection insurance features to protect you and your investment? Once again, your property manager is pleased to arrange a quote for you
By getting your paperwork in order now and doing some reviews as outlined, you can save tax dollars for this financial year rather than leaving it to the last minute and then having to wait another year to get the benefit.