Rents have been rising faster in Melbourne’s bayside suburbs than pretty much anywhere else over the last year.
Property in Hampton, Sandringham and Highett has seen their asking rents jump by 18 per cent over the last 12 months according to Domain Group statistics.
The strong rental performance from these suburbs within walking distance to the beach shows some couples and families are turning away from the eastern suburbs and having a look at bayside locations.
The bayside properties are also getting attention from more inner-city locales like Prahran and South Yarra because they had that added bonus of being close to the beach while also offering better value.
Jellis Craig’s Sam Noakes told Domain Armadale was an example of a bayside suburb where rentals were snapped up quickly and landlords were asking for higher rents.
“We’ve got really good demand, supply’s quite thin – so the homes that are presented well, and in a good spot in Malvern and Armadale are moving very well,” he said.
“However, larger homes over $1000 a week in Malvern have really stalled in the last 60 days.”
Rents have also shown solid growth in Melbourne’s inner west, with unit rents jumping more than 8 per cent over the past year in West Footscray and Albion.
House prices and the demand for units in the area are on the up, boosted along by the development at West Footscray train station, with Albion offering excellent value for an inner west suburb.