As the year draws to a close, Victoria’s rental market remains active, with standout results emerging across various regions. November brought a mix of high demand, competitive leasing activity, and shifts in renter preferences that are shaping the market.
Property ManagementOur November Rental Market Review
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The November Market Snapshot
02 December 2024
Stonnington
High demand persists for rentals in the $350-$750 range, often securing renters after one inspection. Larger family homes in Toorak, South Yarra, and Malvern East command rents of $2,000-$4,000 weekly, with renters prioritising updated, well-maintained homes near amenities.
Feature Property: 30 Cambridge Street, Armadale – leased for $2,100 per week with 4 bedrooms, 2 bathrooms, and 1 car space.
Boroondara - Hawthorn
The lead-up to Christmas has brought a flurry of activity in Boroondara, with a variety of properties ranging from one-bedroom apartments to large family homes online and ready to lease.
Feature Property: 116 Edgevale Road, Kew – leased at $1,300 per week within days of listing with 3 bedrooms, 2 bathrooms, and 1 car space.
Boroondara - Balwyn
Properties within the sought-after Balwyn High School zone continue to attract renters, with 2-3 bedroom homes receiving the most enquiries. Premium properties priced above $2,000 per week also found their market, while mid-range properties ($900-$1,500) experienced slower applications and longer days on the market. Renters now hold more negotiating power, influencing pricing adjustments.
Feature Property: 1 Wynette Avenue, Balwyn – leased for $2,300 per week with a pool, 5 bedrooms, 4 bathrooms, and 2 car spaces.
Manningham
Demand for apartments and units priced $600-$700 remains strong, though interest in grand family homes in Templestowe has softened.
Feature property: 21 Cerberus Street, Donvale - leased for $695 per week with 4 bedrooms, 2 bathrooms, and 2 car spaces.
Port Phillip
Properties under $1,000 per week remain highly sought after, often leasing after the first inspection or off-market through our extensive database. Family homes (3+ bedrooms) are also in demand, with renters committing well in advance of move-in dates.
Feature Property: 9 Durham Street, Albert Park – house leased off-market for $690 per week with 1 bedroom and 1 bathroom.
Bayside
Demand remains high for larger family homes (4-5 bedrooms) with pools, driven by relocation agents and families preparing for January moves. Properties under $800 per week remain active, while homes over $1,200 per week average 3-4 weeks on the market.
Feature Property: 18 Clonmult Street, Highett – leased for $1,700 per week with 4 bedrooms, 2 bathrooms, and 2 car spaces.
Mornington Peninsula
Low stock persists due to spring selling campaigns, short-term holiday rentals, and families retaining seaside homes for summer. Strong demand has reduced days on market and supported higher rental prices.
Feature Properties: (Dual occupancy)
- 28 Carnoustie Grove, Mornington – $1,300 per week (4 bed, 2 bath, 2 car)
- 28A Carnoustie Grove, Mornington – $1,250 per week (4 bed, 2 bath, 2 car)
Projects
The rental market for new developments continues to perform strongly, with demand driven by high-quality, well-designed properties. Spacious one-bedroom apartments remain the most sought-after, reflecting renters’ preferences for functionality and comfort. Storage options are also a key factor for renters when considering apartments, highlighting the importance of thoughtful design and practical amenities in securing interest.
Feature property: 5/525 High Street, Prahran - leased for $1,145 per week, with 3 bedrooms, 3 bathrooms, and 2 car spaces.
November’s rental market highlights Victoria’s diverse landscape, with strong demand in premium locations and a continued need for well-maintained, competitively priced properties. As we move into December, rental providers are encouraged to act swiftly to secure leases ahead of the holiday period.
Looking for more insights or advice? Contact our dedicated team today to explore the current rental market and discuss how we can assist with your property management needs.