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Melbourne rental market: Renters’ fresh struggle as conditions shift - realestate.com.au

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Melbourne tenants are again having to battle it out for a roof over their heads, as competition in the city’s rental market heats up. HSunRealestate

No. 56 Elm St, North Melbourne, is listed for $500 a week.But listings were now down “80-odd per cent” around the CBD, Southbank and Docklands compared to “at the peak of the downturn”, Mr McCarthy said.

CoreLogic head of research Tim Lawless noted rents in Docklands and Melbourne CBD were up 6.6 per cent in the past three months, and Southbank 6.2 per cent.No. 1018/628 Flinders St, Docklands, is $450 a week. Mr McCarthy said since borders opened up, there had been a real “surge” in the rental market. Fewer people keen on housesharing was another noteworthy factor as conditions shifted.

He said the 20,368 dwellings advertised across greater Melbourne at the end of December 2021 was “83 per cent more than March 2020, when the germ changed everyone’s lives”.Propertyology figures show a “very tight” greater Melbourne vacancy rate of 2.2 per cent in December 2018 became 4.7 per cent at its peak “due to the large scale exodus away from Melbourne”, noting the current 3.2 per cent vacancy as “an encouraging sign”.– Do your homework.

 

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