Inner-Melbourne Rents Up More Than 30%
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Inner-Melbourne Rents Up More Than 30%

The gap between house and unit rents is tightening across the country.

By Kanebridge News
Wed, Jul 6, 2022Grey Clock 2 min

While the tightening grip of a rising rental market is not new, the rate of the pricing surge for apartment rents continues, up 10% nationwide in the 12 months to June. It marks the first double-digit growth for the sector according to the latest data from CoreLogic.

Inner-city apartments across Melbourne and Sydney led the biggest rental gains as West Melbourne, Docklands and Southbank ascended by more than 31%.

Sydney also saw the median rents for apartments in Ultimo, Zetland and Haymarket jump sharply by 19.4%, 17.2% and 18.7% respectively.

Apartment rents outperform houses nationwide over the past three months by 3.5% and 2.7% respectively as tenants seek out affordable options according to CoreLogic research analyst Kaytlin Ezzy.

“Rental demand across the medium and higher density segment has surged throughout the first half of the year, partially driven by worsening affordability in the house sector,” Ms Ezzy said.

“Since March 2020 house rental values have increased at nearly twice the rate of unit rental values with the gap blowing out to 13.5 per cent in December 2021.

“It’s likely the gap in rental values will narrow further as rental demand continues to shift towards relatively more affordable higher density properties.”

Rental prices rose across all capital cities in the latest quarter and year on year and are tipped to continue to rise as demand continues. Median rents for Sydney houses rose by 2.5% and units by 3.7% over the quarter. This is compared to house rents climbing by 9/3% and units by 10.3% in the past 12 months.

Melbourne saw its median house rent lift by 2.4% and units by 3.7% in the past three months and house rents 5.2% and 10.9% for units in the past 12 months. Adelaide saw the country’s largest rental rises with houses up 4.4% and units up 3.9% over the last quarter.

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By Robyn Willis
Fri, Aug 5, 2022 2 min

When people talk about making a seachange, chances are this is the kind of property on the NSW South Coast that they have in mind.

Open for inspection for the first time this Saturday, 24 Point Street Bulli offers rare absolute beachfront, with never-to-be-built-out north facing views of the ocean. Located on the tip of Sandon Point, this two-storey property is a surfer’s dream with one of Australia’s most iconic surf breaks just beyond the back wall.

On the lower floor at street level, there are three bedrooms and two bathrooms, including a family bathroom and an ensuite in the master suite. A fourth bedroom is on the upper floor, along with the main living area, and is serviced by its own bathroom. 

While this would make a spectacular holiday home, it is well equipped for day-to-day living, with a spacious gourmet kitchen and butler’s pantry set into the articulated open plan living area on the first floor. A separate media room to the street side of the property on this level provides additional living space. 

Every aspect of this property has been considered to take in the light and views, with high ceilings internally and spacious, north facing decks on both levels to take in views of rolling waves. If the pull of the ocean is irresistible, it’s just a 100m walk to feel the sand between your toes.

The house is complemented by a Mediterranean, coastal-style garden, while the garage has room for a workshop and two car spaces.

An easy walk to Bulli village, the property is a 20 minute drive from the major hub of Wollongong and just over an hour to Sydney.

 

Open: Saturday August 6 2pm-3pm Auction: Saturday September 3 Price guide: N/A but expected to exceed $5.3m paid in March for 1 Alroy Street 

Contact: McGrath Thirroul – Vanessa Denison-Pender, 0488 443 174