Inner Melbourne Apartment Rents Jump 10%
Southbank and Docklands were among the fastest-growing rental markets in Australia.
Southbank and Docklands were among the fastest-growing rental markets in Australia.
Rent for Melbourne’s inner-city apartments has increased by more than 10% in the last 12 months according to data from CoreLogic.
The lift in asking apartment rents in suburbs such as Docklands and Southbank, comes from increased demand from tenants now priced out of the detached housing market.
Rental growth was particularly strong in the December quarter with Southbank and Docklands up 3.8% and 3.7% respectively to a median rent of $454 and $471 making them among Australia’s fastest-growing rental markets.
According to CoreLogic’s research director Tim Lawless, the inclusion of many of Melbourne’s inner-city comes from a turnaround in rental trends.
“Inner-city Melbourne units rents fell by 24.2 per cent as high levels of unit supply met headlong with a rental demand shock as international borders closed and domestic demand swung towards lower density options. Since that time inner Melbourne unit rents have rebounded by 8.5 per cent,” Mr Lawless explained.
The Melbourne market outperformed all other capitals, posting a 1.6% rise in rents over the 12 month period.
However, rents in the Victorian capital remain 5.5% below the record high of July 2019 and with pricing still lower than pre-COVID-19 levels, there is room to grow according to Mr Lawless.
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