Ensure you never miss an issue of the
real estate business bulletin
Inner-city cool driving prices

Inner-city cool driving prices

by Staff Reporter 0 comments

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
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?