Rental growth in Melbourne's Bayside
Author: Enzo Raimondo
Date: 1 Oct 15
Demand for larger rental properties is pushing up the weekly median rental for three-bedroom homes in Melbourne’s Bayside.
Investors in Cheltenham benefitted the most from this demand with the median weekly rent for a three-bedroom apartment increasing 13.3 per cent over the year to $510 in June 2015.
New REIV data shows large family homes in neighbouring Beaumaris are also highly sought after by tenants. Three-bedroom apartments there recorded annual rental growth of 11.1 per cent to a median of $750 per week. This was up from $675 for the same period last year.
Meanwhile, three-bedroom homes in Hampton saw strong rental growth, increasing 9.8 per cent over June 2014 figures to $725 per week. The median weekly rent for the same sized property in Highett also grew to $510 in June, up from $480 last year - a 6.3 per cent increase.
Brighton was another strong performer with various property types there showing median rental growth of at least 5 per cent. The median rent for a four-bedroom home in Brighton increased 7.3 per cent to $1,288 over the year while one-bedroom apartments grew 7 per cent to $356 per week.
Rental increases were also recorded for two-bedroom properties in Brighton East. The weekly median rental for a two-bedroom apartment in Brighton East grew by 10.5 per cent to $450 while rent for the same sized house was up 10 per cent to $450.
Other suburbs experiencing rental growth across the municipality included two-bedroom apartments in Black Rock, up 6.1 per cent to $425 in June and four-bedroom homes in Sandringham, up 8.7 per cent to $950 per week.