Here’s where Melbourne rents rose and fell over the last year

It’s been a tough couple of years for Melbourne property investors.

Not only have property values fallen but rent prices for Melbourne houses have dropped for the first time in seven years, according to  Domain’s Rental Report for the June quarter.

But as always the markets have been fragmented and rentals have fallen more in Melbourne’s more affluent suburbs.

Melbourne median rents June quarter 2019
Source: Domain Group

Median weekly house rent falls

Median rent YoY 5-year
Armadale $750 -11.8% 15.4%
Toorak $990 -10.0% 10.6%
Parkville $640 -8.6% -1.5%
Aspendale $498 -7.9% 15.7%
Monbulk $415 -6.7% 13.7%
St Kilda West $750 -6.0% 7.1%
Diamond Creek $450 -4.8% 12.5%
Botanic Ridge $483 -4.5% 6.0%
Canterbury $860 -4.4% 1.2%
Upwey $430 -4.4% 16.2%
Caulfield South $670 -4.2% 20.7%
Source: Domain Rental Report, June quarter 2019

Median weekly house rent rises

Median rent YoY 5-year
Deepdene $918 22.3% 38.0%
Blairgowrie $475 18.8% 35.7%
McCrae $440 17.3% 33.3%
Williamstown North $560 15.5% 31.8%
Strathmore $580 13.7% 38.9%
Lower Plenty $450 12.5% 21.6%
Alphington $675 12.5% 28.6%
Clayton South $478 11.0% 29.1%
Bellfield $443 10.6% 26.4%
Elwood $750 10.3% 23.5%
Eaglemont $650 10.2% 18.2%
Source: Domain Rental Report, June quarter 2019

Median weekly unit rent rises

Median rent YoY 5-year
Sunshine North $325 12.1% 25.0%
Macleod $330 10.0% 57.1%
Vermont $405 9.5% 17.4%
Sunshine West $350 9.4% 25.0%
Fairfield $360 9.1% 20.0%
Mount Martha $455 8.3% 25.5%
Alphington $390 8.3% 18.2%
Lilydale $345 7.8% 14.0%
Oakleigh East $430 7.8% 19.4%
Burwood $280 7.7% 30.2%
Source: Domain Rental Report, June quarter 2019

Median weekly unit rent falls

Median rent YoY 5-year
Burwood East $398 -10.7% 8.9%
Albert Park $450 -7.2% 8.4%
Rosebud $333 -5.0% 12.7%
Mont Albert North $450 -4.3% 13.9%
Newport $400 -3.7% 24.8%
Box Hill South $415 -3.5% 13.1%
Gisborne $355 -3.4% 16.4%
Sandringham $430 -3.4% 13.2%
Brooklyn $360 -2.7% 20.0%
Oak Park $370 -2.6% 15.6%
Source: Domain Rental Report, June quarter 2019
fact: our markets are on the move
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Leanne Jopson

About

Leanne is National Director of Property Management at Metropole and a Property Professional in every sense of the word. With 20 years' experience in real estate, Leanne brings a wealth of knowledge and experience to maximise returns and minimise stress for their clients. Visit: www.metropolepropertymanagement.com.au


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