No inner Melbourne rental growth for one bedroom apartment landlords

No inner Melbourne rental growth for one bedroom apartment landlords
No inner Melbourne rental growth for one bedroom apartment landlords

There was no rental growth for landlords of inner Melbourne One bedroom apartments, and often rentals are falling.

The median one bedroom rent stayed steady at $350 a week during the March quarter in the inner Melbourne ring, which is suburbs within a 10 kilometre radius of the CBD, according to the REIV.

But Southbank one bedroom rentals fell 3.8% to $500 a week. The Docklands drop wasn't as severe down 0.4% to $428 a week.

Frankston with an 8.1% jump in rents to $200 a week for the typical one bedroom went again the overall metropolitan Melbourne trend which had a 2.4% growth to $340 across Melbourne.

Fitzroy saw a fillip too, jumping 8.1% to a typical $431 a week rental for one bedroom offerings.

The typical middle ring suburb - set between 10 and 20 kilometres of the CBD - had one bedroom rentals typically at at $271 a week, with outer Melbourne at $220 a week.

Median one bedroom rents fell in Camberwell, Glen Iris, Kew, Malvern and Malvern East. But the small falls were not just in the east, with drops in Footscray, Caufield North and Murrumbeena.

There was no change in rents in Toorak, Brunswick, West Melbourne, Carnegie, South Melbourne, Fitzroy North and Yarraville.

On the price front, inner Melbourne One bedroom apartments gained 1.4% in the March quarter to a $370,000 median, according to the REIV. There had been a 4.6% five year annual capital growth.

Middle Melbourne One bedroom units moved ahead by 2.3% in the quarter to $312,000, having recorded a 5.5% annual price growth over the past five years.

Outer Melbourne was the only region where the March quarter growth exceeded the five year growth, with 7.8% price growth to a $275,000 median one bedroom price, reflecting 7.3% annual capital growth over the past five years.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Rent Melbourne Reiv

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