Rental Expectation in Preston Victoria

Hi
I have bought an Off the Plan 2-2-1 apartment in Preston VIC and need to rent it out after settlement. It should happen late this year. Does anyone know how much rental I should expect and what the average property management rate is in Melbourne. I live in Perth and don't know much about current rental market in Melbourne's northern suburbs. Thanks in advance.

 

Hmm seems a bit crazy being interstate and buying otp.

What's the reason?

 

There was enough reasons but now my question is about rental management fee in the area and the rent price.

 

Preston - Property Rent Price - Townhouse Bed 2-2

is something you can look at to compare similar houses (in this case townhouses with 2 beds)

 

Thanks couq

 

$350-400 as mentioned above. Typical agents in the area charge 5.5% commission (includes gst).

(Sort of) being a local in the area, if your apt is clustered around the junction of Plenty Rd and High St with all the other apt blocks, rental returns are much less. If its one near Clinch St (ie Preston Market), then they tend to have a slightly higher rental (probably upto $430-450). But then again it comes down to overall location and apt size/amenity/finish. FWIW, I have an new 2-2-1 in Reservoir (one suburb further out) and it is rented for $400/wk (5.5% gross return), but its also about 100sqm internal and short walking distance to train.

 

Thanks JK200SX, 5.5% looks a reasonable rate. I had an apartment in Perth a few years ago and the management fee was 8.8% according to the quotes I got from almost all nearby agents. That apartment is now $30k below what I sold and the rental has dropped significantly.
Anyway for my calculations I stick to $350/w income - 5.5% - 2 weeks.

 

What does OC stand for? overhead costs? like council, body corporate, water etc,?

 

Owners Corporation

Commonly (but incorrectly) known as body corporate.