The suburbs where demand for share housing has hit historic highs

Demand for share housing has soared as cost of living pressures and a tight rental market push more renters out of single person households.

Data from Flatmates.com.au reveals January recorded the highest month for active members on record, with 212,000 members and more than one million visits to the site.

Membership also rose significantly over January, up 22 percent month on month, with more than 67,000 new members joining the platform.

Demand for share households in Sydney was highest for the eastern suburbs, with 344 people competing for just one listed room in Tamarama. Those seeking a room in Bronte did not fare much better, with 846 people seeking space and just four rooms available. Elizabeth Bay, Clovelly and the Northern Beaches suburb of Curl Curl all made the top 10 of most in-demand areas to live. Three inner circle suburbs in Melbourne — Fitzroy, Malvern and Fitzroy North — were also in high demand, with 1,738 people on the site interested in renting in Fitzroy and just 10 rooms available.

Community manager for Flatmates.com.au Claudia Conley, said January was traditionally a busy time for the site, with cost of living pressures further motivating renters to engage in shared household arrangements. An 18.8 percent increase in property listings over the past year had done little to address the imbalance between supply and demand, she said.

“January is the busiest month of the year for share accommodation with lots of domestic and international travel across cities and states,” Ms Conley said. “The university semester is about to start, many members are looking to move for new jobs, most leases are renewed at this time of year, and migration is high as people flock to Australia for that quintessential Aussie summer experience.

“Add to this a cost-of-living and rental crisis leading even more people to turn to share accommodation than usual, it’s no surprise that this January has been our busiest month ever.”

The PropTrack Rental Report December 2023 showed rental stock at historic lows, down 4.6 percent on December 2022 and 20.7 percent lower than the 10-year average for the month. Higher demand has been followed by higher rents. Over 2023, median advertised rent of realestate.com.au rose 11.5 percent over the year to $580 per week.

Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.

The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.

Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.

“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.

“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.

“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”

The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.

Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.

“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.

“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”

The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.

Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.

The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.

Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.

Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.

The suburbs where demand for share housing has hit historic highs

Some parts of Sydney have hundreds of people competing for just a single room listing

Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.