Melbourne's rental market has been experiencing a mix of patterns across various suburbs and property types within Marshall White’s core suburbs. While some areas are witnessing a rise in demand and quick leasing periods, others are seeing a slight slowdown. We asked our expert Property Management teams to go into each region's specifics to better understand the current rental landscape.
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A Comprehensive Look at Melbourne's Rental Landscape
09 May 2024
Stonnington
The executive market, with properties priced over $2000 per week, is still relatively quiet, with stock levels increasing again. However, fully furnished properties have been gaining popularity among renters. The apartment market, particularly those priced between $600-$800 per week, remains extremely strong, with properties leasing within the first seven days on the market. There have been a few requests for conjunctional sales/rental campaigns, especially when properties are not gaining traction on the sales side. 14 Valley View Road, Glen Iris, a 4-bedroom, 2-bathroom, 2-car home, was rented at $2400 per week.
Boroondara
Entry-level renters, including young couples and single professionals, are finding the rental market very competitive, with apartments and smaller homes moving quickly. The executive housing market is experiencing a slowdown, although vacancy periods are not as long as they were in previous years. The market remains relatively stable despite media portrayals. A featured rental property in this area was at 2 Berkeley Street, Hawthorn, a 5-bedroom, 5-bathroom, 5-car home.
Bayside
The overall market in Bayside has been relatively productive, with more families relocating from overseas. Properties priced under $1000 per week are leasing within the first few inspections, and quality homes are in high demand. The demand for rentals still outpaces the supply. A property at 31 Victoria Street, Sandringham, a 5-bedroom, 5-bathroom, 4-car home, recently leased at $2,500 per week.
Port Phillip
There is a healthy demand for larger, quality family homes in the Port Phillip area, with low days on the market and high volumes of attendees at open inspections for properties priced under $1000 per week. Stock levels are lower than usual for this time of year, and many larger, higher-value homes are leased off-market due to extensive databases of prospective renters and strong personal relationships with relocation agents. A featured property in this area is 21 Beacon Vista, Port Melbourne, a 3-bedroom, 2-bathroom, 2-car home, leased at $1,540 per week.
Mornington Peninsula
Mount Eliza, Mornington, Mount Martha, and Frankston South continue to be highly sought-after locations for prospective renters seeking the lifestyle of living on the peninsula with an easy commute to the city. Modern homes priced below $1000 per week are generating strong interest. 50 Eliza Drive, Mount Eliza, a 7-bedroom, 3-bathroom, 2-car home, was leased off-market at $1,300 per week.
Projects
The property market remains strong, although it has slightly slowed down compared to previous months due to the increased availability of apartments for rent. High-end apartments are still achieving consistently good rental results. 113/3 Hurstmon Street, Malvern East, a 2-bedroom, 2-bathroom, 2-car apartment leased for $815 per week.
Manningham
The rental market in Manningham has been experiencing strong interest, particularly in well-maintained, family-friendly homes. Renters are drawn to the area's excellent schools, abundant green spaces, and convenient access to local amenities. Properties that offer modern features and ample living space are highly sought after, with many leasing quickly at competitive rates. 79 Ayr Street, Doncaster, a 3-bedroom, 2-bathroom, 2-car home leased for $840 per week.
In every region we serve, the Marshall White Property Management team utilises their in-depth market expertise and robust network to strategically position each property to align with the evolving preferences of modern renters. Our ability to navigate the intricacies of each market allows us to consistently deliver exceptional outcomes for our valued clients, reinforcing our dedication to providing top-tier leasing and property management services.
