Melbourne. A bevy of restaurants, markets, learning institutions, green spaces, bars, high streets, arts and culture experiences- and of course, cafes! It’s no wonder the ‘world’s most livable city’ is drawing crowds of buyers and renters alike. While different times of the year prove more successful for different suburbs, there’s no denying Melbourne’s most popular postcodes for renters:
Ready, Study, Go:
A reasonable percentage of Melbourne’s renters are youngsters, so it’s no surprise that the rental hot pockets tend to be within close proximity to universities and other learning institutions.
Peaceful, multicultural and well connected via public transport and the Monash freeway, Carnegie is extremely popular with international students attending Monash University’s Caulfield Campus. Renting a two-bedroom house (or apartment) in Carnegie will set you and a study buddy back just under a combined $400 per week, on average.
McKinnon continues to prove popular thanks to its schooling zone, the average two-bedroom house will set your family back $430 per week, compared to just over $350 per week for a two bedroom apartment.
Life’s a beach:
As the city heats up between December and March so too does demand for Melbourne’s favourite beachside ‘burbs.
The charm of St Kilda never fails to impress locals and visitors alike: known to many as Melbourne’s playground over the years, why wouldn’t it? This suburb and its inhabitants have left it’s notoriously seedy past behind in favour of al fresco dining, seaside swimming and sunset strolling.
If lapping up the lakeside lifestyle in Albert Park and Middle Park is more your style, be sure to get in quick: with the young and well-suited competing against established and independent empty nesters for prime property, you’re in for a fight whatever your taste or budget. The lake serving as a popular circuit for sportspeople and strollers alike, Albert Park’s appeal hasn’t wavered and isn’t likely to, either! If you’re considering a house, unit or apartment in Albert Park, you’re looking at an average of $550 per week in rent.
Leafy, lovely Elwood is a steady all-rounder: considered a reasonably safe suburb, and dotted with shops and cafes a step back from the hustle and bustle of St Kilda, it’s no surprise Elwood remains a popular choice for empty nesters, artistic types as well as a firm favourite for young families and single female occupants. On average, renters in this suburb pay just under $400 per week for a two-bedroom house, or just over $350 per week for a two-bedroom apartment.
Love the nightlife
If you’re young and looking for fun, you can’t go past Prahran. Well connected via public transport and close to a range of trendy eateries, lively nightclubs, bars and restaurants, Prahran, and in particular, it’s main thoroughfare Chapel Street, serves as Melbourne’s own fashion precinct. The median rental price for a two-bedroom house in Prahran is just under $400 per week, a two-bedroom unit coming in at just over $350 per week.
Further east, it would appear that Hawthorn is losing a bit of its shine. Well serviced by public transport and home to Swinburne University amongst a host of reputable primary and secondary schools, this traditionally affluent suburb is experiencing a spurt of high volume developments, resulting in over-saturation in the rental market. The median rental price for a two-bedroom house in Hawthorn is $500 per week, or $400 per week for a unit/apartment.
The other side:
Is there a doctor in the house? If you happen to be passing through Flemington, the answer could well be ‘yes!’ Home to the Royal Children’s Hospital and within close proximity to Melbourne University’s Parkville campus, Royal Women’s and Royal Melbourne Hospitals, it’s no surprise those medically and academically inclined choose to call this suburb and neighboring Kensington home.
Rental demand hits it’s peak between October and December, when graduates are vying for their new year placements, however despite being close to the CBD, Vic Markets and the increasingly gentrified West, this spring racing suburb generally proves itself rather difficult to lease. As with many areas in Melbourne, houses in are always in demand for families looking to secure their children positions in reputable schools nearby. The median price for a two-bedroom house in both Flemington and Kensington is $450 per week, compared to just over $350 per week for a unit/apartment in both suburbs.
If there was a golden rule for real estate success, it would be to buy where the people are: that is, within close proximity to schools, universities, cafes, high streets, waterfronts and public transport. Whatever your postcode, a tenant is never too far away. If you’re looking to lease your investment property, drop Infolio a line today to chat with one of our reputable property managers.