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.
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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.”
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
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