Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Is Melbourne’s rental market on the verge of a rebound?

By Staff Reporter
24 August 2021 | 1 minute read
Melbourne Docklands

There’s a huge opportunity to tempt tenants back into Melbourne city rental markets with rock-bottom prices and correspondingly high rental costs in the regions.

New data from Console Cloud has revealed a steep decline in the rental price of suburbs across Melbourne.

With the region not showing a strong market for buyers and sellers, it’s arguing that it could pose “a real opportunity” for people looking for more affordable rental options.

Advertisement
Advertisement

According to Console Cloud’s rental insights expert, Natasha Anich, investors of late have been turning their attention to Victoria’s non-metro areas — but it means the biggest savings for renters could be found within the city.

She said: “Non-metro rentals in Victoria demonstrated a 5.09 per cent increase since February, and in contrast, metro Melbourne properties experienced a rental decrease of 6.26 per cent.”

From her perspective, “this is good news for renters looking for less expensive living options in the city”.

Melbourne is home to the 10 lowest-performing rental suburbs across the state at the present time. 

“We weren’t overly surprised to see this play out,” Ms Anich acknowledged, considering Victoria’s very difficult 18-month run through the pandemic.

“The Melbourne City postcode was the lowest-performing suburb across the state, showing an almost 15 per cent decline in average rental costs.

“Carlton and Maribyrnong followed behind, with Docklands, Melbourne, Southbank, North Melbourne, South Melbourne, Malvern East and Caulfield East also demonstrating negative rental growth.”

From her perspective, “the news that all 10 of the weaker rental performers are in metro Melbourne could be a huge opportunity for the city to attract new renters”.

“While that hasn’t been great news for property owners in these suburbs, it is excellent news for attracting long-term renters until things stabilise and could also mean new life for the quietened city centre,” Ms Anich posed, before adding that there is “significant opportunity” to tempt a new market into the city, who had previously been priced out of city suburbs.

Regional rent boom

On the other end of the rental spectrum, Hamilton has been the big winner, posting rental growth of 9.94 per cent since February 2021.

Trailing behind were regional suburbs Nhill (8.84 per cent), Benalla (9 per cent), Swan Hill (7.76 per cent), Ararat (7.53 per cent), Kyneton (7.1 per cent), Flora Hill (7.07 per cent), Golden Square (6.75 per cent), Kangaroo Flat (6.67 per cent) and Wodonga (6.6 per cent).

Is Melbourne’s rental market on the verge of a rebound?
Melbourne Docklands reb
lawyersweekly logo

Tags:

Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings

 

Subscribe to our RPM
mailing list

 

Do you have an industry update?

top suburbs

12 month growth
Mirador
103.33%
Bawley Point
98.13%
Walla Walla
90.7%
Byron Bay
86.67%
Kiama Heights
85.93%
Greta
84.14%
Nulkaba
81%
South Hobart
78.78%
Diddillibah
76.25%
Lennox Head
73.98%
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.