Our August Rental Market Review

The August Market Snapshot

01 September 2024

As we transition from winter to spring, the rental market across Marshall White’s core areas is showing signs of renewed activity. This month has brought a mix of patterns, from increased demand in certain areas to steady leasing in others. Below, our Property Management team explores the specifics of each region and highlights some standout properties that have caught renters' attention.

Stonnington

In Stonnington, the rental market is picking up steam with increasing stock availability. We're seeing a trend of good reductions in rental prices, which is spurring enquiries, traction, and offers from potential tenants. An interesting development is the rise in requests for shorter lease terms, ranging from 3 to 9 months. It's worth noting that for property owners, 'For Lease' boards remain an important promotional tool, extending beyond just Marshall White's marketing efforts.

Feature Property: 6 Woodside Crescent, Toorak

This impressive 4-bedroom, 2-bathroom home with 4 car spaces is currently available for $1,800 per week, offering luxury living in one of Melbourne's most prestigious suburbs.

Boroondara - Hawthorn Office

The Hawthorn office reports that well-presented and correctly priced properties are leasing quickly after listing. The market has maintained stability over the past couple of months, and with spring approaching, we anticipate an increase in both demand and activity.

Feature Property: 1/8 Yarravale Road, Kew

This stunning 1-bedroom, 1-bathroom apartment was leased at an impressive $850 per week, showcasing the premium renters are willing to pay for quality properties in desirable locations.

Boroondara - Balwyn Office

In Balwyn, high-end properties are leasing steadily, albeit at a slower pace, provided they’re priced appropriately. Properties under $600 per week are in high demand and lease quickly. Interestingly, international arrivals and newcomers to the area show a strong preference for newer properties.

Feature Property: 23 Rochester Road, Canterbury

This luxurious 4-bedroom, 4-bathroom home with two car spaces is available for $1,950 per week. It epitomises high-end living in Boroondara.

Manningham

The Manningham market has shown mixed signals recently, with a general slowdown contrasted by high demand for two-bedroom apartments in Doncaster and Doncaster East. Despite this, the high-end rental sector remains strong, with recent appraisals ranging from $1,500 to $2,500 per week.

Feature property: 1/35 King Street, Templestowe

This 3-bedroom, 2-bathroom home with double parking was recently leased for $690 per week, attracting numerous applications.

Bayside

The Bayside area is experiencing high demand for 3–4-bedroom family homes in the $900 - $1,300 per week range, with a noticeable lack of stock to meet market demands. While the start of August was quiet, enquiries have picked up in the last week. Many property owners are preparing to list their homes for rent in January/February of next year, as indicated by the number of appraisals being conducted.

Feature Property: 1/42C Head Street, Brighton

This spacious 3-bedroom, 2.5-bathroom home with 2 car spaces is currently available for $1,750 per week, offering luxurious bayside living.

Mornington Peninsula

The Mornington Peninsula continues to see increasing rental enquiries, both from those seeking primary residences by the sea and families looking for long-term beach houses that accommodate remote work and weekend getaways. Days on the market are showing a slight downward trend, indicating quicker leasing times. New and renovated homes, beachside properties, and homes with pools remain highly sought after.

Feature Property: 27 Helsal Point, Safety Beach

This stunning 4-bedroom, 4-bathroom home with 2 car spaces was leased for $1,900 per week, offering luxurious coastal living.

Albert Park

As the weather warms up, Albert Park is seeing an increase in open house attendees and faster leasing times. The area typically experiences a surge in interest as people consider moving closer to the water during the warmer months, following a quieter period over winter.

Feature Property: 4 Greig Street, Albert Park

This 3-bedroom, 2-bathroom home with 1 car space was leased for $1,600 per week, demonstrating the area's enduring appeal.

Projects

The apartment market is showing improvement compared to last month, with a notable increase in enquiries for high-end products. Clients are primarily seeking modern and spacious apartments that offer both comfort and style.

Feature Property: 102/1188 Malvern Road, Malvern

This luxurious 3-bedroom, 2-bathroom apartment with 3 car spaces was leased for $1,195 per week, showcasing the demand for high-quality apartment living.

As we look ahead to the spring season, the rental market across Melbourne shows promising signs of activity and growth. From inner suburbs to coastal areas, renters are actively seeking properties that meet their evolving needs. Property owners and investors should remain attuned to these market trends to maximise their rental potential in the coming months.