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top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
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79.93%
Cleve
78.13%
Bawley Point
76.2%
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75.57%
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Inner-city cool driving prices

By Staff Reporter
20 October 2014 | 1 minute read
HouseGraph

Rent and property sale increases around the trendy suburbs of inner-city Melbourne are leading a price boom with terraces, funky warehouse conversions and the reimagining of some suburbs as ‘cool’.

Domain economist Dr Andrew Wilson said the increase in rent is in line with the rise in property prices and the ‘scarcity' of lease options in the sought-after inner north.

“Waterways, a new suburb 25 kilometres south of Melbourne, is a niche area that recorded a price lift due to a small number of expensive properties becoming available to tenants,” Dr Wilson said.

“As price rises, so do rents.

“In the case of Fitzroy, it reflects the strength of sales in the inner north and the demand for inner-north property.

“A recovering prestige market, speared by a bounce in sales in blue ribbon Toorak and Kew, has contributed to the rental price jump in pockets of the leafy east.”

Domain Group state the top ten suburbs for rising median lease prices are Fitzroy, Waterways, Toorak, Alphington, Carlton North, Hampton East, Werribee South, Beaconsfield, Kew and Brunswick.

Dr Wilson said Werribee South is priced reasonably for tenants but considered a step up in property quality from nearby Hoppers Crossing and Tarneit.

Inner-city cool driving prices
HouseGraph
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.