Our September Rental Market Review

The September Market Snapshot

01 October 2024

As we move further into spring, the rental market across Melbourne and the Mornington Peninsula has shown renewed activity. This month's review highlights increased demand in various suburbs, with a particular focus on larger homes, quality properties, and locations close to amenities and the beach. Here's a detailed look at the current market patterns across Marshall White’s core areas:

Stonnington

The past fortnight has seen a rise in rental applications, particularly for larger homes. We have observed high demand for 4-bedroom properties with gardens, while secure garage parking has become a priority, especially for families with larger and multiple vehicles. Smaller homes are leasing quickly, often after the first open inspection. The Domain Precinct, South Yarra, and Toorak continue to be the most sought-after areas in the region.

Feature Property: 66 Domain Street, South Yarra – leased after 9 days for $1,300 per week

Boroondara

The market in Boroondara has maintained its stability, with well-presented and appropriately priced properties leasing quickly. We have noticed a marked increase in demand for high-end properties around the $2,000 per week mark. Overall, the market has shown consistent performance over the past couple of months, indicating a steady rental outlook in this area.

Feature Property: 23 Kenmare Street, Mont Albert North - leased within a week for $1,350 per week

Manningham

While the overall market in Manningham has been somewhat subdued, there are pockets of high demand. Two to four-bedroom apartments and townhouses in Doncaster East and Doncaster are highly sought after. Additionally, luxury properties in Templestowe and Lower Templestowe are attracting significant interest from prospective tenants.

Feature Property: 1 Jeffrey Street, Templestowe Lower – leased after 4 days for $2,500 per week

Albert Park

The onset of spring has breathed new life into the Albert Park rental market. We have seen increased attendance at open inspections as the weather improves, along with growing interest in beachside properties. Proactive tenants are securing properties early for upcoming moves, and well-presented and competitively priced properties are leasing rapidly, sometimes after just one or two inspections.

Feature Property: 6 Crimea Street, St Kilda - leased for $2,400 per week

Bayside

Bayside continues to see strong demand across various property types. There is consistent interest in large, quality family homes, with swimming pools remaining a desirable feature. The unit and apartment markets are also experiencing high demand, indicating a diverse range of preferences among renters in this area.

Feature Property: 6 Maroona Road, Brighton – leased for $1,900 per week

Mornington Peninsula

As we approach the warmer months, the Mornington Peninsula is seeing increased activity. Rental properties continue to be competitively priced across the region, with growing interest in off-market opportunities. We are noticing higher demand for Peninsula suburbs as renters consider a sea change, along with a continued preference for new and renovated homes, beachside properties, and homes with pools.

Feature Property: 8 Greenlaw Crescent, Mount Martha – leased off-market for $1,200 per week

Projects

The Projects sector has performed well, with varying demand across price points. Lower-end apartments (below $600 per week) are leasing within a week, while properties under $800 per week typically lease within two weeks. Higher-end products (over $1,000 per week) may take three weeks or more to lease. There is a strong preference for new products over older, less maintained properties, reflecting tenants' desire for modern living spaces.

Feature Property: 2/1975 Malvern Road, Malvern East – leased for $1,250 per week

To discuss your property management requirements or to learn more about the current rental market, please don't hesitate to contact our dedicated property management team. We are here to help you make informed decisions in this ever-changing market.

Image Source: Drummond House Project https://www.marshallwhite.com.au/project/482-492-drummond-street-carlton-vic-1496376/