The rental landscape in our key areas is evolving, presenting both challenges and opportunities. Success lies in adapting to changing renter preferences and needs. By staying informed, proactive, and understanding the distinct characteristics of each area, we aim to offer invaluable assistance to our clients. This month we explore the rental market landscape with a particular focus on drilling down area by area. In our focus areas of Stonnington, Boroondara, Bayside, Port Phillip and the Mornington Peninsula, as well as our Projects division, opportunities exist for those who can effectively respond to the shifting preferences and needs of renters.
Property ManagementOur June Rental Market Review
Next ArticleOur June Rental Market Review
The June Market Snapshot
03 July 2024
Stonnington
The number of days on market before securing a successful tenancy have increased slightly compared to the beginning of the month. We are deep in the Winter period with school holidays upon us, so that may explain this shift. The executive market, that is, rents priced at more than $2000 per week, is still quieter than normal at this time of year, with many properties needing price alignments after two to three weeks on market. The apartment sector is thriving, with one to two-bedroom apartments largely leasing
within the first week of being on the market. There is a shortage of family homes priced between $1000- $1500 per week.
Feature Property - 61 Henry Street, Windsor - leased after the second inspection for $2000 per week.
Boroondara (Hawthorn Office)
Boroondara (Hawthorn Office) We’ve observed a slight downturn in activity coming into Winter, with price-pitching being of paramount importance. Well priced properties will lease quickly, however, overpriced, run down or neglected properties will take longer to lease. Interest in apartments seems to have reached its zenith and we are no longer seeing vast amounts of people attending at open for inspections. Overall the market remains an ‘owners market’ but we’ve observed tapering of the frenzied activity that had become the norm.
Feature Property - 30 Great Valley Road, Glen Iris – leased off market for $2,500 per week.
Boroondara (Balwyn Office)
Demand for good quality homes in Balwyn High School zone endures, and any opportunities to acquire a well-maintained home in that prime area are snapped up. Overall activity has waned in the past month although most new or near new homes are leased reasonably quickly.
Feature Property - 3/31 Kireep Road, Balwyn
Albert Park
We are experiencing a softening in the market current, noticing fewer people through the doors of our inspections and people starting to offer below asking price in certain property segments. Financial pressures are causing an increased number of renters to serve notice to vacate, resulting in more properties coming to market than we have seen in recent times. This in turn generates elevated competition, therefore, owners must ensure they are responding to market conditions and setting prices competitively. This also includes considering price adjustments when necessary, alongside ensuring properties are well-maintained and presented in the best possible light.
Feature Property - 32 Park Road Middle Park
Brighton
Properties under $900 per week are leasing well and larger homes, if priced correctly and presented well, are attracting good quality renters in a reasonable time frame. The Winter months dictate that features such as pools are not in such high demand. We’ve seen an increase in prospective renters coming to us through alternative channels, for example relocation agents, due to the end of financial year period and school holidays. This Winter period will always prompt a change in circumstances for some.
Feature Property - 149 Were Street Brighton
Mount Eliza
Cooler Winter climes translate to contemporary comforts appearing higher up the list of must-haves for renters. Subsequently we’ve noticed an increase in demand for new builds and renovated homes. Demand outweighs supply in the $500 to $600 per week price range – a clear sign of budget constraints in the current financial climate. The opposite is the case in the Southern Peninsula this month where supply is plentiful and not matched with a similar level of demand, however, we are seeing growing interest from prospective renters in Safety Beach and Dromana due to ease of commute to the city via Peninsula Link.
Feature Property – 14 Tourello Road, Mount Eliza
Manningham
The overall market in Manningham has been relatively productive since the commencement of Winter and subsequent end of financial year and school holidays. There is a high demand for properties in key school zones and for quality homes; some of our properties have been leased after the first inspections have taken place, with quality applications. The market swings in favour of owners still; there is still more demand for rental homes than the current supply.
Feature Property - 50 Hughes Circuit, Bundoora
Projects
Enquiries dropped across different categories last month. Yet, apartments in popular school zones remain attractive to buyers, emphasizing the appeal of properties offering convenience and access to good education. In today's market, buyers are more price-sensitive, especially when comparing properties in the same price range. This emphasis on getting value for money is probably due to broader economic conditions and concerns about affordability. Presentation is vitally important too, homes that are priced well and offer comfort and easy maintenance will always generate positive outcomes.
Feature Property - 5 Shoreline Avenue, Edithvale, VIC 3196 $780 per week
The rental landscape in our key areas is evolving, presenting both challenges and opportunities. Success lies in adapting to changing renter preferences and needs. By staying informed, proactive, and understanding the distinct characteristics of each area, we aim to offer invaluable assistance to our clients. At Marshall White, our property management team is dedicated to providing outstanding service and expertise, guiding clients to informed decisions and achieving their rental objectives in the upcoming months.
