Our October Rental Market Review

The October Market Snapshot

31 October 2024

As the October rental market comes to a close, our core areas of operation have reflected varying demand levels, property preferences, and leasing times. The following insights from our Property Management teams provide an overview of rental activity across key regions, highlighting standout properties that have recently been leased.

Stonnington

In Stonnington, larger family homes at the higher end of the market continued to take longer to lease as prospective renters became increasingly selective, expecting amenities such as garden and pool maintenance to be included. Affordable properties, especially those under $600 per week, remained scarce, with one-bedroom homes for professional singles in high demand. Properties that have not leased after the first few inspections tend to stay online longer, often due to upkeep concerns. Fully furnished properties have also seen a notable increase in demand.

Feature Property: 7/676 Toorak Road, Malvern – Leased at $1,800 per week within 8 days, featuring 3 bedrooms, 2 bathrooms, and 2 car spaces.

Boroondara - Hawthorn

The Boroondara rental market has been particularly strong, with high interest across suburbs such as Balwyn North, Ashburton, Kew, and Hawthorn. This area is attracting both families and younger professionals, indicating a balanced market with varied demand across property types.

Feature Property: 2/15 Hartington St, Kew – Leased at $1,500 per week, featuring 3 bedrooms, 2 bathrooms, and 2 car spaces.

Boroondara - Balwyn

Balwyn and Balwyn North have seen significant demand, especially for properties within the Balwyn High School zone priced over $1,000 per week. Premium properties are expected to rise in availability in the coming months, positioning this area as highly competitive for renters.

Feature Property: 21A Rangeview Grove, Balwyn North - Leased at $1,520 per week with 4 bedrooms, 3 bathrooms, and 2 car spaces

Manningham

Manningham’s October market began with limited activity, though leasing increased towards the end of the month. More properties have come to market in areas like Templestowe Lower, where demand has shown signs of strengthening.

Feature Property: 2/30-32 Boronia Grove, Doncaster East – Leased at $840 per week, featuring 4 bedrooms, 2 bathrooms, and 2 car spaces.

Albert Park

Albert Park has seen positive attendance at open houses, particularly for well-presented properties priced appropriately for current market conditions. As the weather improves, interest in beach-proximate properties has grown, and proactive price adjustments have helped properties lease quickly when demand softens.

Feature Property: 135 Station Street, Port Melbourne – Leased at $1,250 per week after just one inspection, featuring 3 bedrooms and 2 car spaces.

Bayside

In the Bayside area, properties under $900 per week, such as apartments and units, are leasing quickly, typically within 10 days. Properties in the $1,100 to $1,500 range have been more price-sensitive, though an overall increase in inspection attendance indicates a strong renter interest.

Feature Property: 3/171 Church Street, Brighton – Leased off-market for $1,600 per week, featuring 3 bedrooms, 2 bathrooms, and 2 car spaces.

Mornington Peninsula

In the Mornington Peninsula, demand has continued to outpace supply, particularly in areas like Frankston South, Mount Eliza, and Mornington. Off-market opportunities have been popular, and families are increasingly securing long-term rentals to enjoy the area’s coastal lifestyle, flexible work options, and easy city access via Peninsula Link.

Feature Property: 12/54 Mount Eliza Way, Mount Eliza – Leased at $750 per week, featuring 2 bedrooms, 2 bathrooms, and 1 car space.

Projects

Demand remains high for newly built properties, which continue to attract strong interest in the market. Just last Friday, we settled on a brand-new apartment building after listing it online the same day. Within days, two of the four apartments were already leased—a clear sign that renters are keen on new builds, which consistently see higher demand. Typically, the vacancy rate for these properties is less than two weeks, while older homes can sit unleased for up to 60 days.

Feature Property: 106/369 Cotham Road, Kew - Leased at $1,195 per week, featuring 3 bedrooms, 2 bathrooms, and 2 car spaces.

For further insights into the October rental market or to discuss your property management needs, feel free to reach out to our dedicated team. We are here to help you navigate the current market with confidence.

Image Source: Central Park Project https://www.marshallwhite.com.au/project/385-wattletree-road-malvern-east-vic-1512154/