As many Melbourne families turn their sights from the leafy East to the Bay area, just a few miles from the beach, the rental market is warming up. Hampton, Sandringham,Highett
Hampton,Sandringham and Highett have seen strong rental growth over the past year. Median rents in all three districts have risen by at least 18%, according to data from Domain.
Andrew Wilson, the group`s chief economist, said tenants tend to have better options and better value for money in the Bay area than in Melbourne`s Eastern District.
Katie Pickering, director of real estate agency Hodges, said rents in the median home, (house), rose 24.6 percent to A $825 a week in Hampton, drawing attention from nearby school districts, including Haileybury College.
Ms. Pickering pointed out that the attraction of the Bay area, compared with areas such as Prahran and South Yarra, was that they were closer to the beach and often cost-effective.
"at $1000 or $1200 a week, you can rent a house with a swimming pool. It may be an old-fashioned house, but it has at least three or four bedrooms. "
"it could be in a pretty good position, walking to Hampton Street and school, and taking a backyard. If you have children, you will want more space for them to grow up. "Malvern,Armadale.
In addition, rents in Malvern and Armadale on the inner east side have generally increased by more than 15 percent over the past year.
Sam Nokes of Jellis Craig, a real estate agency, said rents in the Armadale district were "incredibly fast." Many people raised the rent last year.
"there is a lot of demand here, but the supply is relatively small. So it`s easy to raise rents if you have a good place in Malvern and Armadale and keep your house in good condition. "
"over the past 60 days, however, there has been some stagnation in large houses in the Malvern area that rent more than 1000 a week."
For example, a three-bedroom house in the Armadrale district,20 Barkly Atenue, has recently been leased for $500 a week, a $20 a year over last year.
Mr. Nokes said the rental ads for the house had not even been posted online, as they had received three tenancy applications from their internal clients and let them rent successfully. Othe
Jenny Caughey of Gary Peer and Associates, a real estate agency, said, Caulfield South`s median home rent also rose 17.3 percent to A $645 a week, a "welcome rise".
Ms. Caughey said that the general "to rent fast" of allowing tenants to bring their pets was allowed, while 50 per cent of the house was able to find new tenants before the old tenants move out.
While the agency doesn`t have enough three bedrooms and four bedrooms to rent, Ms. Caughey said that with the completion of many recent developments, there has been a huge addition of two-bedroom apartments to the market.
The main demand for one-bedroom apartments, she said, comes from college students and professionals who like the Caulfield train station and its convenience.
In addition, unit rents in areas such as West Footscray and Albion in the inner west have risen by more than 8 percent over the past year and have become increasingly popular.
Craig Stephens, of Jas Stephens, a real estate agency, says many tenants like to live near the railway, and recent renovations to the West Footscray railway station have helped drive house prices in the region.
Albion, near Sunshine, appears to be a "forgotten area," he said. But it has also attracted more buyers and tenants over the past six to 12 months, thanks to the value of the inner west.
This four-bedroom house at 21 Myrtle Road in Hampton is asking $1795 a week. Photo: Buxton Sandringham
This three-bedroom house at 34 Union Street, Armadale, is asking for $1195 a week. Photo: Abercromby’s
This two-bedroom house at 1179 Malvern Road, Malvern, is asking $675 a week. Photo: Jellis Craig Armadale
This three-bedroom home at 90A Beach Road, Sandringham, is asking for $895 a week.
