The Melbourne suburbs where rents jumped 30 per cent in one year!

Dear Fellow Property Investors,

Landlords in the majority of Melbourne rental markets are asking for more rent than this time last year, some by as much as 34 per cent, even as the hot market starts to lose steam.

Houses and units in most suburbs recorded double-digit growth in the year to September, and only seven markets were stagnant or went backwards over the same period.

It comes as the most recent Rent Report from property listings site Domain found median house and unit rents were stable during the September quarter, though they remain at unaffordable and record highs of $580 per week for houses and $550 for units. The vacancy rate was 1.3 per cent, up from 0.9 per cent this time last year, but still low.

Renters priced out of their homes looking for cheaper accommodation would drive up prices in smaller, less popular suburbs, Domain chief of research and economics Dr Nicola Powell said.

”People shift suburbs, and they go to the bridesmaid suburb that’s a bit cheaper,” she said. “Previously it was centered on the inner-city locations, but now it’s looking like some inner-urban areas that are doing better than others.”

House asking rents rose the most in the tiny northern suburb of Bellfield, up 33.9 per cent over the year to $643 per week. It was followed by Toorak, where rents rose 30 per cent to a median of $1300 per week. East Melbourne was next, up 29.4 per cent to $1100 per week.

Powell said the two high-end suburbs were outliers in the quarter’s results, however. The next biggest jumps in house rents were in Heidelberg West, Kingsbury and Jacana, each up more than 25 per cent.

Asking rents for units rose the most in Aspendale, up 24 per cent to $608 per week. Next was Noble Park, up 21.6 per cent to $450, and Caulfield South, up 21 per cent to $590 per week.

So let me ask you a question…

Do you have a game plan for 2024?

Or will you watch savvy, educated, market-ready investors snap up all the bargains at the recovery phase of the Melbourne property cycle (which, in my opinion, is RIGHT NOW!)

Or, will you join them?    

The choice is yours!

So, what are you waiting for?

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