Navigating the Dynamic Rental Market

Marshall White Property Management's Latest Insights

17 April 2024

From executive properties in Stonnington to family-oriented homes in Bayside, our Property Management team is expertly handling each area's unique demands. Utilising our extensive market knowledge and strategic approach, we are consistently securing optimal outcomes for our clients in competitive rental environments like Boroondara and the lifestyle-focused Mornington Peninsula. Below are our insights on the current market:

Stonnington

In Stonnington, the executive rental market for properties over $2000 per week is experiencing a somewhat subdued pace. Conversely, fully furnished properties are seeing an increase in popularity, aligning with current market directions. The apartment sector, particularly rentals priced between $600-$800 per week, remains strong, with properties often leasing within the first seven days on the market.

Boroondara/Hawthorn

Apartments and smaller homes are leasing rapidly in Boroondara due to high demand. The executive property segment ($1500+ per week), especially those with quality features and amenities like swimming pools, is very sought after, though availability is minimal. The $1000-$1500 range is experiencing a more measured pace, largely due to listings that are priced at a premium. The overall market remains tight, reflecting robust demand across various segments. A property at 8 Elgin Street, Hawthorn, featuring 4 bedrooms, 2 bathrooms, and 2 car spaces was recently leased for $1,580 per week.

Boroondara/Balwyn

Properties in the Balwyn High School zone continue to be highly desirable, consistently attracting renters, particularly families. Properties that are priced to market and well-located are leasing swiftly, often during the first open for inspection. For example, a 4-bedroom, 4-bathroom, 2-car space home at 5 Winmalee Road, Balwyn was leased for $1,700 per week after just 14 days on the market.

Bayside

The Bayside area is productive, with an influx of families relocating from overseas driving demand, while homes under $1000 per week are leasing within the first few inspections. Quality homes continue to be in high demand. A notable result in this area was at 18 Charming Street, Hampton East, where an unfurnished 5-bedroom, 4-bathroom, 2-car space property was leased for $1900 per week.

Port Phillip

In the Port Phillip area, there is healthy demand for larger, quality family homes, resulting in properties experiencing fewer days on the market. Open inspections for houses and apartments in the sub-$1000 per week range are seeing a high volume of attendees. Despite the strong demand, stock levels are lower than usual for this time of year. However, we were able to lease a lot of the larger, higher-value homes off-market due to our extensive database of prospective renters and strong personal relationships with relocation agents. A 3-bedroom, 2-bathroom, 1-car space home at 56 Page Street, Albert Park, was leased for $1,500 per week in just four days.

Manningham

The Manningham area remains a steady and reliable market, with numerous properties quickly finding suitable renters. A prime example of this consistent demand is demonstrated by a 4-bedroom property at 8 Botanic Drive, Doncaster, which was promptly leased for $850 per week, highlighting the area's ongoing appeal to renters.

Mornington Peninsula

The lifestyle appeal of the Mornington Peninsula continues to attract renters, with sought-after locations like Mount Eliza and Mount Martha experiencing particularly high demand. Properties in this region, especially modern homes priced under $1000 per week, are quickly snapped up by eager renters due to their attractive features and convenient accessibility to the city. A 4-bedroom, 4-bathroom, 4-car space residence at 8 Greenlaw Crescent, Mount Martha showcased the area's popularity by being leased for $1,200 per week in just seven days.

Projects

In the South Yarra area, our Projects division is observing significant demand for one or two-bedroom apartments, highlighting a pattern among individuals seeking low-maintenance living spaces in well-connected urban neighbourhoods. This preference demonstrates the importance of location and amenities, as renters prioritise convenience and accessibility in their search for contemporary luxury homes.

In each of our areas of operation, the Marshall White Property Management team leverages extensive market knowledge and a strong network, ensuring each property is positioned to meet the demands of today's renters. By understanding the nuances of each market, we continue to achieve outstanding results for our clients, demonstrating our commitment to excellence in property management.