February saw continued strength in the Melbourne and Peninsula rental market, with steady demand and competitive conditions. Price and presentation remained key factors influencing leasing activity, particularly for family homes.
Property ManagementOur February Rental Market Review
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The February Market Snapshot
04 March 2025
Stonnington
The market remained stable, with well-priced, well-maintained homes attracting strong interest. Four-bedroom family residences remain in low supply, yet when available, they generated positive engagement. In South Yarra, shared living arrangements were on the rise, especially among first-time renters pooling resources to manage the cost of living. This pattern has also driven renewed interest in furnished and semi-furnished rental options.
Feature Property: 22 Hilda Street, Malvern East
Leased off-market at $2,300 per week
4 bed | 2 bath | 2 car
Boroondara
February saw increased rental stock in Boroondara following a highly active December and January. While demand remains strong, pricing strategies have influenced leasing timelines across the market. With more properties becoming available, some owners have listed at higher rents to capitalise on the tight market. Well-presented homes in desirable locations continue to lease quickly, while others require price adjustments and a longer leasing period. Overall, quality renters remain active, keeping competition steady across the region.
Feature Property: 25 Bowen Street, Camberwell
Leased in one week at $1,600 per week
4 bed | 2 bath | 2 car
Port Phillip
February saw strong demand across the City of Port Phillip, with steady foot traffic at inspections and properties leasing swiftly, often after the first or second viewing. Quality rental stock has been limited, yet demand remains strong. Family homes with three or more bedrooms priced between $1,000 and $2,000 per week continue to attract interest, while two-bedroom houses under $1,000 per week are also highly sought after. Some properties have secured multiple high-calibre applications immediately after the first inspection, highlighting the competitive nature of the market during the warmer months.
Feature Property: 72 Palmerston Crescent, South Melbourne
Leased in 5 days at $850 per week
2 bed | 1 bath | 1 car
Bayside
Rental activity remains strong across Bayside, with high demand at key price points - particularly for properties under $750 per week and those above $2,000 per week. Homes in the lower price range continue to attract significant interest, with some receiving upwards of 20 applications.
Feature Property: 34 Camperdown Street, Brighton East
Leased at $1,750 per week
4 bed | 2 bath | 2 car
Mount Eliza / Mornington
February saw a surge in long-term rental listings as many owners explored leasing opportunities for their Peninsula properties. With several homes entering the rental market for the first time, securing the most suitable renters through a thorough leasing process was a key focus. Demand for prestige homes in premier Peninsula locations remained strong, contributing to a record-breaking month for the Mornington Peninsula team, leasing well over double the usual February volume.
Feature Property: 5 Bay Avenue, Mount Eliza
Leased at $1,850 per week
6 bed | 5 bath | 4 car
Manningham
After a quiet start to the year, rental activity in Manningham has picked up throughout February, with growing interest in houses over apartments. Demand is steadily increasing, particularly for well-presented family homes, and more quality listings are set to hit the market in the coming weeks. This positive shift indicates strong leasing conditions ahead, with renters actively searching for spacious properties in sought-after locations.
Feature Property: 2 Nirvana Crescent, Bulleen
Leased at $1,800 per week
5 bed | 5 bath | 2 car
Balwyn
Properties within the Balwyn High School Zone remain in high demand, attracting strong interest from families seeking quality education opportunities. However, the mid to high-end market for larger homes with four or more bedrooms has been slower this month. Well-priced properties in desirable locations continue to perform well, with competitively priced homes leasing quickly.
Feature Property: 2/193 Balwyn Road, Balwyn
Leased at $880 per week, leased in 5 days with 4 applications
3 bed | 2 bath | 2 car
Projects
Rental stock remains limited, with near-new apartments priced between $500 and $800 per week leasing quickly - typically within 4 to 10 days. Properties offering two car spaces and located within school zones have been particularly popular, reflecting the seasonal demand from families. In contrast, high-end apartments and townhouses have been slower to move, with fewer inquiries in the current market.
Feature Property: 7/27-31 Gibdon Street, Richmond
Leased for $1,150 per week
3 bed | 2 bath | 2 car
Melbourne’s rental market remained dynamic throughout February, with strong demand across key price points and property types.
If you are a property owner looking to secure the right renter or a renter searching for your ideal home, now is an excellent time to make your move. Contact your local Marshall White Property Management team today for expert guidance and personalised support.
