Industry body calls for government enquiry to address housing crisis
Kanebridge News
Share Button

Industry body calls for government enquiry to address housing crisis

The housing affordability crisis demands attention now, as values are on the move again, REINSW says

By KANEBRIDGE NEWS
Wed, May 3, 2023 11:06amGrey Clock 2 min

A leading real estate industry body has called for a government enquiry to address ‘skyrocketing housing demand’.

CEO of the Real Estate Institute of NSW, Tim McKibbin said the contrast between the demand for housing and the available stock is already at ‘critical’ levels – and is only set to get worse.

 “REINSW is calling for an immediate and expeditious Inquiry into the inhibitors of supply and then a brutal action plan involving industry and Government to implement the recommendations,” Mr McKibbin said. 

“The community is sick of all the talk on this issue. It’s time for action and this means government and industry working together now.” 

Homebuyers unable to find a property at their price point have remained in the rental market, where a lack of supply is putting further pressure on rental prices, which have soared 10.2 percent in the past year. 

Data from PropTrack has shown rental vacancy rates were at an historic low in March this year. As rental properties become available and have been quickly leased, landlords have had the opportunity to increase rent, further impacting households’ ability to save for a deposit. 

In capital cities, rents have risen 13 percent year-on-year, while in regional areas, rents have gone up by 4.5 percent.

 

CoreLogic reported house values are also on the move, which Mr McKibbin said put the goal of buying a home further out of reach.

“Higher house prices and rents are an unavoidable market consequence of a housing shortfall, and without more social and affordable housing, increased homelessness is a catastrophic social consequence,” he said. 

 “There is already evidence of prices beginning to rebound and we need to remember that the bull-run through the pandemic typically pushed median prices up between 20 percent and 30 percent, depending on the area. 

“The rebound in house prices is no surprise. The lack of supply is the primary enemy of affordability.” 

 



MOST POPULAR

A rare slice of Sydney history, Coolabah blends Victorian grandeur with modern luxury in the heart of Greenwich; once home to Lane Cove’s first Lord Mayor and now listed with a $6.5m guide.

Bhutan is pioneering a new frontier in travel by allowing tourists to pay for flights, visas, hotels and even fruit stalls using cryptocurrency via Binance Pay.

Related Stories
Property of the Week
Property Of The Week: 45 Greenwich Rd, Greenwich
By Kirsten Craze 16/05/2025
Property
Melbourne’s Most Expensive Suburbs to Rent
By Staff Writer 14/05/2025
Property of the Week
Heritage mansion a rare piece of Melbourne’s architectural past
By Kirsten Craze 12/05/2025
Melbourne’s Most Expensive Suburbs to Rent

Melbourne’s lifestyle appeal is driving record population growth — and rising rents. Here are the six most expensive suburbs to rent a house in right now.

By Staff Writer
Wed, May 14, 2025 5 min

Melbourne is considered Australia’s most liveable city. In fact, Melbourne competes on the global stage, consistently ranking among Time Out’s top cities to live in the world and ranking fourth in 2025. Melbourne is a cultural mecca filled with arts, x, and the country’s best sporting events.

It’s the lifestyle factor that has seen Melbourne’s population grow by over 142,000 people over the 23/24 financial year, largely driven by overseas migration. With increased population comes increased demand for properties, particularly in the rental market. 

Akin to Sydney’s Eastern Suburbs, Melbourne’s South Eastern suburbs, towards Bayside and the water, dominate the most expensive suburbs listed to rent across the Victorian capital. 

In this article, we’ve examined the six most expensive suburbs to rent a house in Melbourne right now, according to property data analytics firm Cotality (formerly CoreLogic).

Brighton

Median purchase: $3.15m
Median rent: $1,353

Brighton is Melbourne’s most expensive suburb to rent a house, and it’s easy to see why. A blend of grand period homes and modern architectural builds line the wide, tree-filled streets. The suburb is synonymous with luxury, and rental properties—especially those close to the famed Brighton Beach and its iconic bathing boxes—are snapped up quickly. Vacancy rates sit at a tight 0.9 per cent.

The Neighbourhood

Brighton offers an enviable mix of a beachside lifestyle and convenient shopping and dining. With access to top schools like Brighton Grammar and Firbank, plus Church Street’s boutiques and the Royal Brighton Yacht Club, the Bayside suburb is the complete package for Melbourne’s high-end renters.

Malvern

Median purchase: $2.8m
Median rent: $1,313

Long known for its timeless Victorian and Edwardian homes, Malvern is a leafy inner suburb with prestige appeal. Many properties here are fully renovated period homes, featuring extensive gardens and original features that appeal to families and executives.

The Neighbourhood
Malvern boasts a refined atmosphere with a strong community feel. Glenferrie Road and High Street offer upscale cafes, boutiques, and grocers, while schools like De La Salle and St Joseph’s make the suburb particularly attractive to families.

Black Rock

Median purchase: $2.29m
Median rent: $1,253

Nestled along the Bayside coast, Black Rock has seen steady growth in both house prices and rents in recent years. Larger blocks and a quieter, more laid-back vibe than neighbouring suburbs make this a coveted spot for renters seeking both space and lifestyle. 

The Neighbourhood
Black Rock is home to the picturesque Half Moon Bay and scenic cliffside walks. The suburb blends beachside charm with village convenience, offering local cafés, golf courses, and direct access to some of Melbourne’s best coastal trails.

Sandringham

Median purchase: $2.21m
Median rent: $1,199

Sandringham, next door to Black Rock, offers more of the same as its neighbouring suburb, at similar prices. Sandringham too ticks the box for laid-back waterside recreation, with the majority of homes in walking distance to the sand and charming village shops.

The Neighbourhood
This is a family-friendly suburb with a strong community vibe. Sandringham Village, with its mix of cafes, wine bars, and boutiques, sits just a short walk from the train station and beach. The area also offers excellent sporting facilities and parks. Sandringham Harbour is the local landmark, a popular destination for boating, fishing, and waterfront views from Sandringham Yacht Club.

Canterbury

Median purchase: $3.15m
Median rent: $1,179

Canterbury is the innermost Melbourne suburb on this list. It is considered one of Melbourne’s most prestigious suburbs, defined by grand family homes, generally over-the-top opulent new builds with French Provincial façades behind gated entries.

The Neighbourhood
Canterbury is anchored by the exclusive “Golden Mile” precinct and is surrounded by elite private schools such as Camberwell Grammar and Strathcona. Maling Road provides a quaint village feel, while the area’s lush green spaces complete the picture of prestige.

Hampton

Median purchase: $2.3m
Median rent: $1,171

It’s back to Bayside for the sixth and final suburb on the priciest rental areas in Melbourne. Hampton is not too dissimilar to Brighton, with a main High Street providing convenience and the beach rounding out the relaxed lifestyle found on the bay. The suburb has undergone significant gentrification, with many original homes replaced by contemporary builds.

The Neighbourhood
With a stretch of clean, family-friendly beach and the bustling Hampton Street shopping strip, Hampton has everything renters could want—from stylish cafes to gourmet grocers and boutique fitness studios. Its proximity to Brighton and Sandringham only adds to its appeal.

Melbourne’s Cheapest Suburb: Melton South

Median purchase: $460,000
Median rent: $430

On the opposite end of the spectrum, Melton South—roughly 40km west of the CBD—offers the most affordable rental market. With a median rent of under $450 a week, it’s less than a third of the weekly rent in Brighton. The suburb attracts families and first-home renters seeking value and larger land lots.

Melbourne’s Best Suburb: Toorak

Toorak is considered the Point Piper of Melbourne. Boasting even more billionaires than Sydney’s harbourside hotspot, Toorak is home to Melbourne’s most expensive houses, and reportedly Australia’s most expensive house sale if the 1860s Italianate mansion Coonac settles at over $130 million.

The suburb has some of the best educational institutions in Melbourne, as well as luxury homes on the Yarra, two train stations, and a central shopping precinct undergoing a full transformation with several mixed-use retail and residential developments. It is definitely the place to be. 

Where is Melbourne’s most expensive suburb to rent a house?

As of May 2025, Brighton is Melbourne’s most expensive suburb to rent a house.

Where is Melbourne’s cheapest suburb to rent a unit?

As of May 2025, Melton South is Melbourne’s most expensive suburb to rent a house.

Where is Melbourne’s most expensive suburb to buy a house?

As of May 2025, Toorak is Melbourne’s most expensive suburb to buy a house.

Where is Melbourne’s most expensive suburb to buy a unit?

As of May 2025, Beaumaris is Melbourne’s most expensive suburb to buy a unit

MOST POPULAR

Luxury carmaker delivers historic revenues, record global sales, and robust profitability amid ambitious product transformation.

Living to 100 takes more than good genes—researchers say grit, a positive mindset, and a little stubbornness might be just as important as diet and exercise.

Related Stories
Lifestyle
TikTok Refugees Find an Alternative—in China
By SHEN LU AND HANNAH MIAO 14/01/2025
Money
Health Is Wealth When Tariffs Are Denting Profit Forecasts
By JACOB SONENSHINE 18/03/2025
Money
DeepSeek Deep Sixes the Stock Market. How Far the S&P 500 Could Fall
By PAUL R. LA MONICA 28/01/2025
0
    Your Cart
    Your cart is emptyReturn to Shop