Do you long to call the nation's capital home, with its trendy cafes, cool galleries, and hidden alleys? Renting a house of unit could be one alternative, and it doesn't necessarily have to be an extravagant one.
Melbourne, the capital of Victoria and Australia's second-largest city, is widely regarded as one of the world's most hospitable places to live because of its diverse population, high quality of life, and low cost of living. Other reasons for this reputation include its many parks, bike paths, and hipster culture. But, in course, it is also notorious for road congestion and erratic weather that may see people experience four distinct seasons in a day.
Perhaps understandably, there may be a hefty cost involved to living in one of America's most coveted capital cities. The median rent in Toorak, Melbourne's most expensive suburb, is $1,100 per week, according to CoreLogic, a property research firm. In Brighton East, a weekly rent of over $600 is not unheard of.
But don't worry if that seems out of your budget range; the median rent in several Melbourne neighbourhoods is well less $400.
Melbourne provides a dynamic rental market with housing alternatives to fit everybody's needs – from gorgeous, older Victorian-era and Old victorian properties to luxurious contemporary homes. New residences and trendy apartments are being created all the time.
There is a wide variety of homes available for rent in Melbourne and the rest of Victoria.
Rent prices vary widely, based on the home size, suburb & transport choices. The most up-to-date data on rental costs in Melbourne may be found at the Department of Human Services.
FAQs About Melbourne Rent
The lack of international and domestic tourists and the reduction of international and interstate students living in the city whilst studying at Melbourne universities has caused inner-city apartment rents to plummet. It has been the biggest decline in overseas tourists in Melbourne's history.
Melbourne is now the cheapest Australian capital city to rent a house, as new data reveals the grim impact of COVID-19 lockdowns on its rental market.
I would think that the areas near the Melbourne Airport are not that safe such as Keillor, Calder Park, Taylors Lakes, Broadmeadows, Craigieburn, and Bulla. It is just a general opinion since they are pretty rough with crime, gangs, unemployment, ghettos, and many bogans.
Mercer's 2021 Cost of Living Survey ranked Melbourne number 59 in the world in their list of most expensive cities – demonstrating that Melbourne is a more affordable destination than many other global cities.
Melbourne is now the cheapest place to rent a house in the country for the first time. Not only has the world's longest lockdown affected the city's property market, but Melbourne's rent has remained steady while it has risen in other capital cities.
What Is The Average Rent In Melbourne?
According to the Domain rental report, the median weekly house rent in Melbourne is $440, while the median weekly unit rent is $400.
Since the previous quarter, home prices have risen by 2.3%, while unit prices have fallen by 3.6%.
Average Rent In Melbourne Over The Past 5 Years
Melbourne's rental price increase slowed to its worst pace in 20 years last year due to a surge in investment. Prices for both attached and detached dwellings increased by 13.5% and 11.6% respectively. However, this time exhibited only static growth.
As we fast forwards to the COVID-19 rental market, we see that prices tell a sadder story than we had hoped for: the median rental price for an apartment has dropped to its lowest level in three years, as reported by Domain Property Update.
That being said, property prices indicate a small uptick as of late, which has reestablished some trust in the Melbourne renting market trends.
Despite the pandemic, average housing rent in Melbourne, Australia, reached a high point in 2020. Government aid and the demand for larger homes as tenants were spending more time indoors thanks to the lockdown are supporting the resiliency of rental market trends.
What Are The Cheapest Suburbs In Melbourne To Rent A House?
Melton, around 44 kilometres (km) west of Melbourne's central business district, is the area's most reasonably priced suburb for property rentals.
Melton – $320 Per Week
Located along the Western Freeway, Melton is a Melbourne suburb about 44 kilometres from the central business district. A number of dog-friendly parks and the Melton Botanic Garden may be found there. The opinions of those who have either lived in or visited Grantham are conflicting on the internet.
Melton presently has a median home value of about $375,000. Melton is home to both young and old families, with 11.6% of the population being made up of those between the ages of 45 and 54 and their offspring. Families with children under the age of 35 are statistically less likely to reside there.
Melton South – $320 Per Week
Melton South, its neighbour to the west, is located the same 44 kilometres from the heart of the city. Both the Werribee River and the Melton Reservoir may be seen from here.
About 11,500 people call Melton South home; the majority of its residents are between the ages of 20 and 39, and its demographic makeup leans towards homeowners rather than renters and individuals rather than families. Currently, the average home costs roughly $396,300.
Millgrove – $325 Per Week
Located in the Yarra Ranges, 79 kilometres east of Melbourne's central business district, is the suburb of Millgrove. The area is ideal for sight-seers and nature enthusiasts thanks to its location on the banks of the renowned Yarra River and its proximity to the surrounding mountain range.
Currently, in Millgrove, a home will set you back about $408,700 on average. Millgrove is home to largely settled families with parents aged 45–54 (20.4%), retiree families (19.7%), and young professionals and students (couples, singles, and homesharers under 35) (10.7%).
Doveton – $330 Per Week
Doveton is in the Casey area, which is to the south-east of Melbourne. It's about 40 kilometres from the CBD and is close to Dandenong Hospital. There are farm animals and various types of fauna to see at the Myuna Farm, which is great for kids.
Doveton is home to 9,380 inhabitants, with a median age of just 20 years old, a higher proportion of single adults than families, and a higher rate of homeownership than rental. The current median home price is about $451,600.
Frankston North – $330 Per Week
Frankston North is a suburb of Melbourne, Australia, located to the south-east. The Pines Flora and Fauna Reserve provides residents with enough opportunities to enjoy the outdoors. There is a section of the Mornington Peninsula Freeway that passes through this town.
Right now, a home in Frankston North will cost you about $433,400 on average. Families with children make up the largest demographic in the suburb (19.2%), followed by couples with children (12.9%) and retirees (12.6%).
Kurunjang – $330 Per Week
Kurunjang is located north-west of Melbourne in the Melton Council zone, more than 40km from the city. People who have been to or resided in Kurunjang on the internet generally have a favourable impression of the area, claiming that it is a great place to raise a family, work, and other such generalisations.
Domain estimates that there are 10,061 residents in Kurunjang, the vast majority of whom are either homeowners (76%) or single professionals (24%) without children. According to CoreLogic, the median value of a home is now around $423,500.
Ardeer – $340 Per Week
The Brimbank council area includes the suburb of Ardeer, which is less than 20 kilometres north-northwest of Melbourne's central business district. Those who like to get their workout in the great outdoors may appreciate the walking tracks that surround Kororoit Creek and More Park.
In the present market, a home in Ardeer will cost you roughly $608,300 on average. Most of Ardeer's population is made up of young singles (17.6%), elderly couples and families (16.7%), and settled singles (15%).
Laverton – $340 Per Week
Laverton lies in the southwestern outskirts of Melbourne, right next to the Princess Freeway. Travel time to town is roughly 30 minutes. People who have either lived in or visited Laverton rave about the area's excellent daycare facilities, excellent schools, and reasonable rental prices on review websites.
There are little over 4,900 individuals in Laverton, and the majority of them are either owners or lone-occupant renters. As of right now, the median value of a home is close to $574,800.
Melton West – $340 Per Week
About fifty kilometres outside of town, along the Southern Freeway, is where you'll find Melton West. The Woodgrove Shopping Centre serves as the commercial hub of the neighbourhood, which is also home to various schools.
Melton West has a median home value of roughly $435,000 right now. Melton West is largely made up of senior households and couples (24.6%), maturing households and couples where the father are aged 45-54 (18.7%) & established households and couples (17.7%).
Albanvale – $350 Per Week
To get to the city from Albanvale, you can either take the short drive westward (it's less than 30 kilometres) or the even shorter rail ride. There is a shopping mall in near proximity, Brimbank Shopping Centre.
There are around 5,500 individuals living in Albanvale, with slightly more singles than partnerships and more than four times so many more owners as renters. At now, a home will set you back close to $494,000 on average.
Braybrook
Distance: 10km from the CBD
Rent average: $165/week private room
Braybrook, located in Melbourne's inner west and only six stops from the central business district, is a low-key achiever surrounded by the Maribyrnong River.
Central West Town Centre features a Coles, an Aldi, and many more stores, and the area also includes many nearby parks. Comparatively, in some suburbs, paying $165 per week for a room might get you into a rundown old house, but in Braybrook, you can get a lot of bang for your money with residences in that price range, frequently brand new or nearly brand new townhouses.
Coburg North
Distance: 10km from the CBD
Rent average: $180/week private room
Coburg North is a great place to look for renters who desire to be close to Brunswick's amenities without paying Brunswick's prices. Coburg North is the natural next step for those seeking the price those suburbs previously offered and the fantastic lifestyle that remains, as Brunswick's popularity has crept north into Coburg, establishing an enclave locals lovingly refer to that as "Brunberg." Coburg North has two train stations, great tram standards up Sydney Road, and a diverse selection of restaurants, cafes, thrift stores, community centres, and libraries, so you won't feel like you're missing out.
West Footscray
Distance: 8.8km from the CBD
Rent average: $185/week private room
The Best Can Be Found in the West. There are several advantages to living in a shared house in West Footscray compared to other suburbs. It is conveniently close to the Central Business District (CBD), Victoria University, and major shopping centres on both sides. West Footscray lies right next door to gentrifying Footscray, which is experiencing a boom in popularity as a result, but offers rooms for $20-$30 less each week on average. The average rent in Footscray is $212. It's a bargain in English.
Seddon
Distance: 7.3km from the CBD
Rent average: $188/week private room
The Best Can Be Found in the West. To be repeated until no more is needed. Weighing the pros and cons, Seddon may offer the best deal in terms of quality of life in all of Melbourne. It has a little bit of everything because to its location between the cosmopolitan Footscray and the family-friendly Yarraville. The neighbourhood is becoming known for its café culture, with spots like Little Common and Advieh getting buzzing on the weekend. Additionally, bars and wine bars are springing up all over the place. When you consider the $188 average accommodation rate and the proximity of two train lines, Seddon becomes the ideal cheap suburb.
Preston
Distance: 9.8km from the CBD
Rent average: $190/week private room
Similar to how Northcote flourished as renters were forced to move further from Brunswick, Preston is experiencing a renaissance as people in neighbouring Thornbury and Northcote look for better deals. It's a great place to live thanks to its cosmopolitan vibe, lively cafe scene on High Street, and world-famous Preston Market. You can find a home to suit your needs and budget among the many available options, which include both new construction and repurposed commercial or industrial buildings. There isn't any better public transportation than in this location, with various metro stations and numerous trams routes serving the neighbourhood.
How To Secure A Rental Property
After settling on a potential neighbourhood, the next step is to find a suitable apartment or house to rent. These suggestions will illuminate the path forwards.
Inspect The Property
Real estate agencies will typically only accept students from those who have visited the house or apartment in person before accepting a tenant or buyer. You can send an agent in your place if you are unable to personally check out the property. You and the agent representing the seller should meet, and you should inspect the property to make sure it is in good functioning order.
A rental property can be seen in one of three ways:
- check out a scheduled open house event.
- Set up a time to meet with the property manager and go by their office to pick up the key.
Submit An Application
You'll need to fill out an application and submit it if you want to rent a place. Typical application questions pertain to recent and past employment, education, and housing situations, as well as financial info. If you've rented before and expect to do so again in Australia, it's smart to carry written references with you.
Sign A Lease
When all parties to a lease arrangement are satisfied, the lease must be signed. There is no "cooling off" period because it is a legal contract.
In a lease, you can find information like:
- for how long the home's structural integrity will allow you to remain there
- to whom and when rent is due
- Whether or whether your house has any unusual requirements
Take your time reading the contract. Contact the landlord or the real estate agent if you have any questions or concerns.
Before signing a lease, you and your real estate broker should discuss and document any problems with the property on a rental inspection form.
The beginning of your lease term will occur on the first day of the month as stated in your contract.
A shortage of rental properties in some locations might make the search a lengthy ordeal.
Connect Utility Services
You will become a legal tenant of the rental property once you sign a lease. You deserve a round of applause.
It is your duty to set up the necessary infrastructure for the delivery of essential services including power, gas, water, telephone, and internet.
Pay A Bond
If you don't pay rent on time or otherwise violate the conditions of your lease, your landlord or the property owner may require you to post a bond as security. If you cause damage to the rental property while you are living there, for instance, your landlord has the right to keep some or all of your security deposit to pay for the repairs.
One monthly to six weeks of rent is the average cost of a bond. Until you vacate the premises, the Residential Tenancies Bond Authority holds your bond. The bond you provided will be returned to you after you vacate the premises, less any fees for cleaning any repairs that fall under your obligation.
Complete A Condition Report
Make sure everything is in working condition and clean before you move in.
Make sure your landlord or real estate agent is aware of any issues by noting them on the condition report.
Conclusion
The rate of increase in Melbourne's rental costs last year was the lowest it has been in twenty years. Only single-family homes have seen price increases, at 2.3%, while condos have seen a 3.6% drop. Apartment rental costs have fallen to their lowest point in three years, according to recent data. Homeowners and single people predominate in Melton South, while renters and families are the exception. The median age of Doveton's 9,380 residents is only 20.
Ardeer, a suburb in the Brimbank municipal area, is located fewer than 20 kilometres north-northwest of Melbourne's CBD. In Laverton, a home's median value is near $574,800. The typical price of a property in Melton West is currently at $435,000. There are various parks in the vicinity of Central West Town Centre, which is home to a Coles, an Aldi, and many other shops. If you're looking for the best value in terms of quality of life in Melbourne, you might find it in Seddon.
It costs about $212 per month to rent an ordinary apartment in Footscray. In English, it's a steal. People from Thornbury and Northcote are flocking to Preston in search of better bargains, contributing to the neighborhood's revival. With its multicultural atmosphere and the renowned Preston Market, it's a fantastic place to call home. Both brand-new construction and adaptively reused commercial and industrial buildings are available for lease.
Your lease will officially start on the first of the month. It is your duty to set up the necessary infrastructure for the delivery of essential services. If you cause damage to the rental property while you are there, your landlord has the right to keep some or all of your security deposit.
Content Summary
- How Much Is the Typical Melbourne Rent? The median home rent in Melbourne is $440 per week, while the median unit rent is $400 per week, as reported by Domain's rental report. Home prices increased by 2.3% over the previous quarter, while condo prices decreased by 3.6%. The Five Year Rent Trend in Melbourne As a result of a rise in investment, Melbourne's rental price increase dropped to its lowest rate in 20 years in 2017.
- Looking ahead to the rental market in COVID-19, prices reveal a darker picture than we had hoped: the median rental price for an apartment has decreased to its lowest level in three years, as reported by Domain Property Update.
- In 2020, despite the pandemic, rents in Melbourne, Australia, hit a record high.
- Melton South is home to about 11,500 people, the vast majority of whom are between the ages of 20 and 39 and who are more likely to be homeowners than renters and single persons than families.
- The typical age of Doveton's 9,380 residents is under 20, there are more single individuals than families, and house ownership is more common than renting.
- Rent in Frankston North, Victoria, Australia: $330/Week
- The Melbourne suburb of Frankston North is in the state of Victoria, Australia, to the south-east.
- To purchase a home in Ardeer at today's market prices will cost an average of $608,300.
- The typical price of a property in Melton West is currently at $435,000.
- As opposed to other Melbourne neighbourhoods, sharing a house in West Footscray has many benefits.
- Per the terms of your lease, your rental period will officially commence on the first day of the month.
- Establish Linkages between Essential Services
- After signing a lease, you have the legal right to occupy the rental property.
- Put Down Some Money On A Bond
- If you don't pay rent on time or otherwise break the restrictions of your lease, your landlord or the property owner may require you to post a bond as security.
