Our May Rental Market Review

Stonnington 

Higher-end properties $1800+ per week are moving quite slowly due to the cost-of-living pressures and high expectations of renters, while well-maintained and well-priced stock under $800 is leasing within a week. May has seen an increase in lease breaks as renters seek more affordable options, opting to share accommodation or even purchase property. Homes with large secure garages have a major advantage, with renters considering areas outside their normal scope for this feature. Properties at similar price points without secure parking, security, or with unusual layouts are slower to rent, as renters prioritise desirable lifestyle amenities. 

Feature Property - 41 Ashburton Road, Glen Iris 

Boroondara (Hawthorn Office) 

We are observing a decrease in the number of attendees at open for inspections. However, properties that are sensibly priced and well-presented are still leasing successfully. Current Trends: 

2 to 3-Bedroom Apartments: There has been strong activity in this segment, with apartments priced under $800 leasing well. 

Young Families: We are noticing an increase in young families entering the rental market, specifically seeking 3-bedroom homes priced around $1,000 per week. 

Overall, while the market presents some challenges, appropriately priced and well-maintained properties continue to perform strongly. 

Feature Property - 116 Peel St, Kew (leased at $2,100 per week after significant interest) 

Port Phillip 

Properties under $1500 per week are still in strong demand and leasing quickly, particularly those within walking distance to the beach, amenities such as shopping villages, transport, and local schools. Enquiries on higher end/executive style properties or larger family homes have softened slightly. If these types of properties are not receiving positive attention or interest from prospective renters, it is important to take a proactive approach and consider adjusting the rental prices to gain traction. 

Feature Property - 20 Kerferd Place, Albert Park, leased after the first inspection for $1320 per week. 

Mornington Peninsula  

Whilst Mount Eliza, Mornington, Mount Martha, and Frankston South continue to be highly sought-after locations for prospective renters seeking the lifestyle of living on the peninsula with an easy commute to the city, we have seen a slowdown in demand for the southern peninsula region. There have been a few requests for conjunctional sales/rental campaigns when properties are not gaining traction on the sales side. Modern family homes are still generating strong interest.  

Feature Property - 30 Beluga Street, Mount Eliza, which was recently leased at $1650 per week 

Projects 

There was a decrease in enquiries across various segments this past month. However, apartments located within sought-after school zones continue to generate interest among buyers, highlighting the appeal of properties that offer both convenience and access to quality education. 

In the current market, buyers are exhibiting heightened price sensitivity, particularly when comparing similarly priced properties. This increased focus on value for money is likely driven by broader economic factors and affordability concerns. As a result, properties priced under $700,000 are witnessing higher demand, as buyers seek to maximise their purchasing power and secure a home that fits within their budget constraints. 

Property Feature - 103/7 Cherry Road, Balwyn