Proximity to Victoria University has pushed Footscray’s Federal Street to the top of Melbourne’s most in-demand streets for tenants.
The small strip that’s dominated by weatherboard homes and townhouses emerged ahead of Fraser Court, Jacana, and Dawson Street, Reservoir, on realestate.com.au’s list of streets with the most views per rental listing since 2017.
Hocking Stuart Yarraville director Leo Dardha said the rental market in the inner west had been “holding up fairly well” prior to the stage four lockdown.
“It’s a super affordable place to rent 6km out of town,” Mr Dardha said.
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Federal Street, across the carpark from VU, was the top rated street. Picture: Jay Town
A home on Newell St, one of Footscray’s finest.
He added Newell Street — which realestate.com.au named as another of Melbourne’s tenant hot spots — was “one of Footscray’s prize locations”.
Realestate.com.au chief economist Nerida Conisbee said the majority of tenants prioritised convenience in their rental searches, rather than luxury.
“The streets renters look at tend to be more attractive to young people and frequently quite close to universities and tertiary education,” Ms Conisbee said.
“They might be in suburbs that are fun to live in and super cheap.”
Runners job along the Merri Creek Trail, which attracts tenants to the inner north. Picture: Mark Dadswell
Melbourne’s inner north was strongly represented in the data, with Murray Road, Coburg, and Koormiel Lane, Fitzroy North, featuring in the top 10.
Walshe & Whitelock property manager Kate Pizzichetta said the region was still relatively affordable but retained inner-city lifestyle perks.
“We rent to a lot of families around that area,” Ms Pizzichetta said. “A lot of those parents would be the young people of 10 to 15 years ago that were living in those yuppie areas but now have kids. It’s still inner city but it’s got the right amount of suburbia.”
MELBOURNE’S MOST POPULAR STREETS FOR TENANTS*
Federal Street, Footscray
Fraser Court, Jacana
Dawson Street, Reservoir
Willanjie Court, Bundoora
Murray Road, Coburg
Koormiel Lane, Fitzroy North
Florence Place, Sunshine West
Warbla Street, Dandenong North
Dandenong Road, Caulfield East
City Road, South Melbourne
Scarlet Drive, Bundoora
Ormond Street, Brunswick
Asquith Street, Kew
Norwood Court, Bundoora
Edsall Street, Highett
Second Avenue, Brunswick
Newell Street, Footscray
Little Eastment Street, Northcote
Queen Street, Fitzroy North
Hennessy Street, Brunswick
*Source: realestate.com.au, from July 2017 to June 2020. Ranked based on average views per listing. To be included, streets had to be within 30km of the CBD, and have a minimum of five listings and two tenanted properties over the three-year period.
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