Inner-Melbourne Rents Up More Than 30%
The gap between house and unit rents is tightening across the country.
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.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
His stallion once won the Melbourne Cup, now this late legendary horse owner’s thoroughbred harbourside home is on the market.
2 min
A perfectly-positioned harbourside residence, formerly the home of a late Melbourne Cup-winning horse owner, has come to market with $14 million price expectations for its February 22 auction.
Sitting in one of Sydney’s most coveted enclaves on Waiwera St in Lavender Bay, the duplex with never-to-be-built-out gunbarrell views of both the Sydney Harbour Bridge and Opera House was home to championship thoroughbred owner Michael Fergus Doyle. The Irish-born entrepreneur was part owner of Protectionist, the 2014 Melbourne Cup winner.
Bought by Doyle in April 2020, in an off-market deal totalling $11 million according to CoreLogic data, the two-storey Lavender Bay property is being sold by the racing legend’s family through Atlas Sydney & East Coast. Doyle, a prominent character in Sydney’s Irish community for more than 50 years after arriving down under in the 1960s with a 10 pound boat ticket, sadly passed away in November 2023 at the age of 77.
Doyle built his fortune by building a construction company from the ground up that eventually employed more than 300 people and had a contract with Sydney Water worth A$100 million a year. By 2009, Doyle sold the business to a company owned by the Singapore Government and breeding horses through Doyles Breeding & Racing became his next passion.
The contemporary four-bedroom three-bathroom property features 304sq m of internal living space with additional outdoor entertaining areas on both levels.
Beyond the impressive grand entrance foyer with a personalised floor medallion, the layout opens up to reveal a large everyday living level with a formal lounge room and casual sitting space featuring walls of windows to frame the Harbour City’s top icons. Thanks to a central skylight tower, this main living zone is also flooded with natural light.
A spacious chef-grade kitchen anchored by a long island bench is equipped with Gaggenau appliances, gas burners, dual ovens, and a grill plate. The adjoining dining area spills out onto a terrace with an integrated bar table plus a Luna Park and bridge backdrop. The entry level also houses a home office or guest bedroom with a Juliette balcony and integrated desks opposite a full bathroom.
In the main bedroom suite upstairs there is a deep full-width balcony with more landmark views, a vast walk-in wardrobe, plus a spa ensuite complete with twin vanities, heated floors and warming towel racks. Two more bedrooms on the upper level each have access via French doors to a shared street-facing terrace and built-ins with a common family-friendly bathroom.
Added extras include automatic awnings and privacy screens to the outdoor areas, marble floor tiles, and a double lock up garage with storage.
The designer duplex is located close to harbourside dining venues, foreshore parks such as Bob Gordon Reserve and Wendy Whiteley’s Secret Gardens, Kirribilli Markets and North Sydney’s bustling CBD.
Property 2 at 9-11 Waiwera St is on the market with Adrian Bridges and Daniel Chester of Atlas Sydney & East Coast with a price guide of $14 million. It is set to go under the hammer on February 22.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
