Rental Market Update August - September 2023 Review
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September report
From our corporate director Dean O’Brien
Here's a summary of the key points for the September update: 1. Melbourne Home Prices: Melbourne has
experienced seven consecutive months of home price increases, with a modest 0.4% increase in September. However, it lags behind other major Australian cities like Brisbane, Adelaide, Perth, and Sydney in terms of price growth. Over the first quarter of the financial year, Melbourne's home prices have grown by 1.3%. 2. Comparison with Pre-COVID Levels: When compared to home values in March 2020, Melbourne has seen only a 3.6% growth over the last 3.5 years, while other cities like Adelaide, Brisbane, Perth, and Sydney have recorded much higher growth rates. 3. Inflation Data: In August, overall inflation increased slightly, but annual core inflation (excluding volatile items) decreased from 5.8% to 5.5% in July. Economists expect the Reserve Bank of Australia (RBA) to keep the cash rate unchanged during its upcoming meeting in October, with some predicting rates to remain stable until mid-2024. 4. Mortgage Cliff: Around 155,000 mortgage holders are expected to face the "mortgage cliff" by the end of the year, with an additional 450,000 fixed-rate mortgages due to expire in 2024. This trend poses challenges for borrowers and the housing market. 5. Chinese Home Buyers: Australia has become the top destination for Chinese home buyers, followed by Canada, the United Kingdom, and the United States, according to Juwai.com. Inquiries from China to Australia have surged by 76% in quarter 3 of FY23 compared to quarter 2, indicating strong interest from Chinese investors.
6. Corelogic Home Index: In September, median house prices in Melbourne Metro increased by 0.3%, while units saw a 0.6% increase. The top three areas in Metro Melbourne for capital growth over the past year were Whitehorse, Monash, and Manningham. In Regional Victoria, Mildura, Wellington, and Baw Baw were the topperforming regions, although overall regional prices remained flat in September. 7. Rental Market: After 36 consecutive months of rent increases, rental rates retracted in September. However, vacancy rates dropped to a low of 1%, well below the 10-year average of 2.8% for combined capital cities. The report suggests that the housing undersupply situation is expected to worsen, as total dwelling building approvals for August declined by 8.1%. Thank You Dean O’Brien Director & Co Founder
Do you have an investment property? Transfer management to us ... it's easy.
Step 1: Assessment Simply call and speak to one of our experienced Contact our growth specialist Josh who will review and assess, collecting some information to commence the hand over process.
Step 2: Authorise At this stage, we will gather all required documentation authorising our team to take over the file and begin an in depth analysis of your property.
Step 3: OBrien Real Estate hand over We take it from here, contacting all parties involved and arranging full assessment and file hand over. All while communicating with your renter scheduling an onsite inspection and/or introduction.
Josh Barbut 0439 782 898 Property Management Growth Specialist
Rental review 38
95
Rental providers/ property owners have chosen us
Properties leased
$553
13
Average median rent per week
Average days on market
7,081
2,953
Renter enquiries
Renter applications received
116,513 Property views
10,450 360 degree tour viewed
220
0.57%
Leasing inspections conducted
Vacancy rate
We lease more. A snapshot of last months leases. Address
Suburb
Price
Price
per week
per month
5 Slingsby Avenue
Beaconsfield
4
1
4
$550
$2,389
6 Sakura Drive
Beaconsfield
3
2
2
$550
$2,389
6/133 Bemersyde Drive
Berwick
3
1
2
$450
$1,955
2 Van Der Haar Avenue
Berwick
3
1
2
$450
$1,955
50 Strathaven Drive
Berwick
3
1
2
$450
$1,955
11 Morello Place
Berwick
4
2
2
$475
$2,063
26 Blake Street
Berwick
4
2
2
$530
$2,302
4 Tyntynder Close
Berwick
4
2
2
$580
$2,520
4 Michelle Drive
Berwick
4
2
2
$595
$2,585
3/3 Paddington Terrace
Berwick
3
2
2
$650
$2,824
25 Lawrence Drive
Berwick
4
2
1
$800
$3,475
3 Bayleaf Street
Berwick
4
2
2
$570
$2,476
23 Sloane Drive
Clyde North
3
2
2
$470
$2,042
12 Artfield Street
Cranbourne East
3
2
1
$410
$1,781
21 Glengarwyn Road
Leopold
3
1
3
$460
$1,998
7 St James Court
Narre Warren
3
1
2
$450
$1,955
96 Darling Way
Narre Warren
3
1
4
$490
$2,129
47 Pentland Drive
Narre Warren
3
2
2
$530
$2,302
37 Fairweather Parade
Officer
3
2
1
$480
$2,085
45 Koba Way
Officer
4
2
2
$540
$2,346
14 Adler Street
Officer
4
2
2
$550
$2,389
27 Koba Way
Officer
4
2
2
$575
$2,498
2/8 Pomegranate Way
Pakenham
2
2
1
$420
$1,825
53 Spring Circuit
Pakenham
4
2
2
$500
$2,172
49 Bluehills Blvd
Pakenham
4
2
2
$430
$1,868
1003/107 Beach Street
Port Melbourne
2
2
2
$950
$4,127
11 Raneen Place
Berwick
3
2
2
$525
$2,281
14 Riverwood Drive
Botanic Ridge
3
2
2
$460
$1,998
49 Royal St George Chase
Botanic Ridge
3
2
2
$540
$2,346
59 Beazley Road
Cardinia
6
3
0
$1,150
$4,996
11 Fullback Road
Clyde
3
2
2
$500
$2,172
6 Plymouth Boulevard
Clyde North
2
1
1
$460
$1,998
August September 2023 Review
We lease more. A snapshot of last months leases. Address
Suburb
Price
Price
per week
per month
172 St Germain Boulevard
Clyde North
2
2
1
$460
$1,998
26 Kilmarnock Way
Clyde North
3
2
1
$480
$2,085
3 Mosedale Place
Clyde North
3
2
2
$520
$2,259
1/17 Russell Street
Cranbourne
3
3
1
$460
$1,998
11 Glenwood Court
Cranbourne
3
1
6
$480
$2,085
2/8 Grace Street
Cranbourne
2
1
1
$350
$1,520
2 Otooles Road
Cranbourne
3
2
3
$450
$1,955
1/17 Russell Street
Cranbourne
3
3
1
$460
$1,998
11 Glenwood Court
Cranbourne
3
1
6
$480
$2,085
14 Royaloak Crescent
Cranbourne East
4
2
2
$550
$2,389
52 Criterion Way
Cranbourne East
3
2
2
$485
$2,107
14 Royaloak Crescent
Cranbourne East
4
2
2
$550
$2,389
5 Paxford Drive
Cranbourne North
3
2
1
$480
$2,085
10/10 Mickleham Drive
Cranbourne North
4
1
2
$420
$1,825
22 Olivebank Crescent
Cranbourne North
4
2
2
$540
$2,346
115 Courtenay Avenue
Cranbourne North
4
2
2
$550
$2,389
1 Arapiles Street
Cranbourne North
4
2
2
$600
$2,607
9 Aldous Place
Cranbourne North
3
2
2
$500
$2,172
49 Abrus Circuit
Cranbourne North
3
2
1
$495
$2,150
9 Rowen Court
Cranbourne North
3
1
2
$480
$2,085
10/10 Mickleham Drive
Cranbourne North
4
1
2
$420
$1,825
5 Paxford Drive
Cranbourne North
3
2
1
$480
$2,085
20 Jasa Crescent
Cranbourne West
4
2
2
$550
$2,389
83 Duff Street
Cranbourne West
3
1
1
$425
$1,846
1 Talma Place
Cranbourne West
4
2
1
$500
$2,172
21 Remus Circuit
Cranbourne West
4
2
2
$555
$2,411
83 Duff Street
Cranbourne West
3
1
1
$425
$1,846
1 Talma Place
Cranbourne West
4
2
1
$500
$2,172
21 Remus Circuit
Cranbourne West
4
2
2
$555
$2,411
Unit 704/80 Cheltenham Road
Dandenong
1
1
1
$330
$1,434
8 Olive Road
Devon Meadows
6
2
3
$1,250
$5,430
1 Waterview Close
Drouin
4
2
2
$540
$2,346
August September 2023 Review
We lease more. A snapshot of last months leases. Address
Suburb
Price
Price
per week
per month
8 Julie Court
Langwarrin
4
2
2
$650
$2,824
8 Murdoch Avenue
Narre Warren
3
2
2
$560
$2,433
211 Ormond Road
Narre Warren South
3
1
2
$480
$2,085
17 Highland Crescent
Narre Warren South
4
2
2
$550
$2,389
82 Robinswood Parade
Narre Warren South
4
2
2
$600
$2,607
8 Plymtree Court
Narre Warren South
4
2
2
$660
$2,867
70 Queens Road
Pearcedale
4
2
4
$1,490
$6,473
Unit 2/26 Albrecht Avenue
Berwick
2
1
1
$430
$1,868
7 The Gateway
Berwick
2
1
1
$425
$1,846
1/315 Stud Road
Dandenong North
2
1
2
$400
$1,738
6 Rossiter Avenue
Endeavour Hills
3
2
2
$460
$1,998
9 Mossgiel Park Drive
Endeavour Hills
3
1
2
$430
$1,868
21 Shetland Street
Endeavour Hills
3
1
4
$550
$2,389
3 Orkney Close
Endeavour Hills
4
2
2
$500
$2,172
6 Rossiter Avenue
Endeavour Hills
3
2
2
$460
$1,998
13 Sallys Run
Hampton Park
3
2
1
$470
$2,042
Unit 2/15 Glen Orme Avenue
McKinnon
3
1
1
$680
$2,954
Unit 4/40 Collins Street
Mentone
2
1
1
$600
$2,607
5 Latta Road
Nar Nar Goon
5
2
12
$850
$3,693
25 Amber Crescent
Narre Warren
4
2
2
$600
$2,607
1/19 Sweet Gum Avenue
Narre Warren
3
2
2
$490
$2,129
2 Imperia Close
Narre Warren South
5
2
2
$550
$2,389
66 Halcyon Way
Narre Warren South
5
3
14
$990
$4,301
2 Imperia Close
Narre Warren South
5
2
2
$550
$2,389
6 Barratt Court
Noble Park
4
2
5
$605
$2,628
8/13 Joy Parade
Noble Park
2
1
1
$290
$1,260
1/2 Wara Close
Noble Park
2
1
1
$385
$1,673
3/13 Joy Parade
Noble Park
2
1
1
$300
$1,303
1/2 Wara Close
Noble Park
2
1
1
$385
$1,673
3/13 Joy Parade
Noble Park
2
1
1
$300
$1,303
105/85 Market Street
South Melbourne
1
1
1
$440
$1,911
August September 2023 Review
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Rental Market Update
5 reasons why OBrien
Reason #1
Reason #2
Access to more renters.
Experience, integrity and knowledge.
Inter-office promotion and selling increasing your property’s exposure. Latest prospective renter database.
Local area specialists, highly skilled and trained property managers across all offices.
Reason #3
Faster leasing time. Our low days on market can translate into marketing savings. Less time on market ensures you receive the best possible price.
Reason #4
Reason #5
Constant improvement.
Specialised marketing.
All property managers receive specialist industry training and have regular meetings.
Professional photography and lease boards, utilising Australia’s premier real estate websites.
Josh Barbut 0439 782 898 Property Management Growth Specialist
Our property management team
Currently for lease
Berwick
Berwick 9707 0556 56-58 High Street berwick@obre.com.au
Cranbourne
Cranbourne 5995 0500 Cranbourne Park Shopping Centre FS005/125 S Gippsland Hwy cranbourne@obre.com.au
Narre Warren
Narre Warren 8794 0500 58 Victor Crescent Narre Warren narrewarren@obre.com.au
Rental Market Update
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