No Comments

Melbourne bridesmaid suburbs where you can save most on rent

Real estate agent welcoming visitors

Renters could save hundreds by moving to nearby bridesmaid suburbs.

Tenants across Melbourne could save hundreds of dollars a week by moving to nearby bridesmaid suburbs.

And after a recent survey found many tenants financially impacted by the coronavirus crisis did not receive adequate rent reductions, moving down the road could prove a money saver.

Vastly different rents are on offer in the Mornington Peninsula, with houses in off-the-radar suburb Tootgarook leased at a $378 weekly median — far less than blue-chip Portsea, which costs 145 per cent more at $925 a week.

Realestate.com.au chief economist Nerida Conisbee said tenants might miss out on the beautiful Portsea home, but they’d still enjoy access to the beach, lifestyle perks and save big bucks by renting in a nearby bridesmaid suburb.

RELATED: Coronavirus: Very few Victorian tenants have secured rent reductions


Melbourne stage four: Real estate industry scores ‘small wins’


The ‘bridesmaid’ suburbs where Melburnians can save the most on rent

A grand rental at 7 Wimbledon Court, Portsea is on the market for $1850 a week.

This smaller home at 55 Highbury Rd, Tootgarook has an asking price of $500 a week.

“In the knowledge that you’re probably never going to get the same price, you can enjoy some of the amenities that the blue-chip suburbs enjoy,” she said.

Closer to the city, rent jumped from $500 in Burwood to $950 for nearby Canterbury, while Flemington’s $550 median house rent was well below the $880 for Parkville in the inner north.

Hocking Stuart Yarraville director Leo Dardha said demand for Parkville rentals was strengthened by “flow on from Carlton.”

“(Parkville houses) are larger accommodation, therefore creating higher yield and capital growth,” Mr Dardha said.

“Flemington is heading further northwest, so there’s that density with more apartment markets.”

Smiling Hispanic family outside rental home

Time for a change?

There’s a four-bedroom house at 170 Liberty Parade, Heidelberg West that will set a renter back $700 a week.

While a three-bedroom home at 3 Killop St, Alphington is on the market for $850 a week.

In the inner-north, the average tenant in Heidelberg West paid $370, compared to $695 for nearby Alphington.

Collings Northcote head of property management Caleb Pikoulas said Heidelberg West represented great value, with new construction replacing old housing commission stock.

He said some buyers were put off by the slightly longer commute in the suburb, which was not on a train line.

In the unit market, Gardenvale’s median rent of $310 was almost half the $593 in affluent Brighton.

An average Kingsville unit cost $318, well below the $450 cost in Spotswood.

“Kingsville is populated with those older-type flats — that’s the No. 1 factor,” Mr Dardha said.

MELBOURNE’S TOP WANNABE ‘BURBS FOR RENTERS*

MEDIAN RENTS – HOUSES

Tootgarook, $378, 145% cheaper than Portsea, $925

Burwood, $500, 90% cheaper than Canterbury, $950

Heidelberg West, $370, 88% cheaper than Alphington, $695

Frankston, $380, 84% cheaper than Mt Eliza, $700

Hampton East, $620, 77% cheaper than Brighton, $1095

Richmond, $680, 76% cheaper than Toorak, $1198

Kensington, $573, 71% cheaper than Docklands, $980

Springvale South, $400, 65% cheaper than Waterways, $660

Flemington, $550, 60% cheaper than Parkville, $880

Cheltenham, $550, 60% cheaper than Black Rock, $878

MEDIAN RENTS – UNITS

Gardenvale, $310, 91% cheaper than Brighton, $593

Caulfield East, $320, 65% cheaper than Ashburton, $528

Albion, $283, 47% cheaper than Avondale Heights, $415

Ormond, $380, 45% cheaper than Brighton East, $550

Burnley, $350, 43% cheaper than East Melbourne, $500

Kingsville, $318, 42% cheaper than Spotswood, $450

West Footscray, $340, 41% cheaper than West Melbourne, $480

Huntingdale, $360, 41% cheaper than Chadstone, $508

Carlton, $370, 41% cheaper than Melbourne, $520

Box Hill, $395, 39% cheaper than Mont Albert North, $550

*Source: realestate.com.au

READ MORE: Mark Philippoussis: Former Williamstown home of tennis champ for sale


The Malt District: Seven silos next to Nylex Clock face The Punisher


Melbourne stage four restrictions: Online auction flurry as full lockdown hits

jack.boronovskis@news.com.au

@jackboronovskis

The post Melbourne bridesmaid suburbs where you can save most on rent appeared first on realestate.com.au.