Rental Market Update
December 2022 - January 2023 Review.
Our purpose
To create a place where we can facilitate our people’s growth.
Our values
Family.
Our colleagues are our broader family, assist when needed and when in need.
Mutuality. Respect our colleagues and our clients as you would like to be respected.
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Embrace change. Strive for excellence; be open minded and willing to embrace change.
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From our corporate director
Dean O’Brien.
Year on year, the median house price is $100,000 less
With this being our first where real estate information is on the house.
With this being our first edition for 2023 I thought we combine results for both December and January with an updated market information share.
This time last year the median value for a house in Melbourne for the first time ever hit $1 million according to Corelogic’s home index, and today if you’re looking to buy a house rather than a unit, you can expect the median value of that house to be $100,000 less than this time last year. If we look at Sydney, the median value for houses and units has now dropped to be under $1 million, that’s quite a change. However, the declines in we have been experiencing over the last 12 months are definitely easing. January has not been a quiet month, with overseas student numbers surging we are experiencing huge rental demands and particularly from Chinese students which is due authorities no longer recognising online studies as part of an academic degree or diploma. We expect the coming months to continue to be very strong and some of this rental demand to transfer into buying. The ASX 200 was also strong in January, it has its best January since 1994, increasing 6.2% for the month which is stark contract to January last year when it had it’s worst start to the year in 14 years.
No doubt, people, will be closely listening to the Reverse Bank’s announcement next Tuesday but it’s the comments from the Reserve Bank governor that will be even more important, because the market has already factored in the rate rise this February, so it is the future indications from the Reserve Bank governor that people should be listening into.
Melbourne Metro declines in the Home Value Index) over January fell 1.1%, and on a 12 month rolling average Melbourne prices are now 9.3% down for all dwelling types. Regional Victoria has also had a decline similar to last month easing 0.7%. Regional Victoria is now 3.5% down over the last 12 months, however let’s not forget that Regional prices in the previous rolling 12 month period grew an impressive 23.9%.
Looking at the rental market, rents in Metro Melbourne for units is in strong demand, people are now wanting to be close to universities and transport links again and in the Inner Melbourne market we have experienced a 30% increase in rents over the last 12 months and there are no signs of that slowing. Gross yields of units for investors is increasing strongly as you would expect with units now at 4.3% in Metro Melbourne and 4.5% in Regional Victoria, whereas this time last year we were sitting at 3.5% as a gross yield for Metro Melbourne.
That’s all for this month and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.
December 2022 - January 2023 review
Rental monthly review
Rental providers/ property owners have chosen us Properties leased 46 88 Average median rent per week Average days on market $486 16.25 Renter enquiries Renter applications received 4,350 1,472 Property views 360 degree tours viewed 91,418 7,922 Leasing inspections conducted Vacancy rate 122 0.73 %
December 2022 - January 2023 review
Suburb Price per week 10 Hampton Court 33 Iceberg Road 424 Rix Road 24 Kathleen Court 3 Bellevue Drive 32 Ashfield Drive 4 Irving Close 4 Patricia Court 6 Turella Close 51 Bemersyde Drive 91 Earlsfield Drive Unit 1/13 Maryn Close 2 Janna Place 1 Jeune Grove 228 Carnival Boulevard 6 Theodore Terrace 9 Pinewood Crescent 27 Jarryd Crescent 2 Marija Crescent 19 Charles Conder Place 14 Belmont Road 94A Golf Links Road 19 Bellevue Drive 27 Jack William Way 21A Jericho Court 26 Grand Arch Way 13 Riverrun Drive 24 Cinnabar Lane 52 Cultivation Circuit Beaconsfield Beaconsfield Beaconsfield Beaconsfield Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Berwick Botanic Ridge Botanic Ridge Clyde Price per month 4 2 6 5 3 2 4 2 1 3 2 2 3 2 1 4 2 2 4 2 2 3 1 2 4 2 1 4 2 2 4 2 2 3 1 1 2 1 1 4 2 2 3 2 2 3 2 3 3 2 6 4 2 2 4 2 2 4 2 2 4 3 2 4 2 2 3 2 2 4 2 2 3 2 1 4 2 2 4 2 2 3 2 2 4 2 2 $630 $550 $470 $495 $460 $530 $590 $450 $520 $500 $540 $390 $360 $540 $485 $480 $490 $510 $530 $535 $595 $545 $440 $550 $470 $550 $450 $480 $550 $2,737 $2,389 $2,042 $2,150 $1,998 $2,302 $2,563 $1,955 $2,259 $2,172 $2,346 $1,694 $1,564 $2,346 $2,107 $2,085 $2,129 $2,216 $2,302 $2,324 $2,585 $2,368 $1,911 $2,389 $2,042 $2,389 $1,955 $2,085 $2,389 Address
We lease more. A snapshot of last months leases.
We lease more.
A snapshot of last months leases.
31 Keskadale Drive 31 Drummond Street 6 Hyde Avenue 16 Abundance Circle 45 Tucker Road 48 Glenelg Street 14 Burnett Way 10 Pleven Rise 26a Selandra Boulevard 69 Thoroughbred Drive 9 Russell Street 41A Fairbairn Road 2 Barkly Street 11 Artfield Street 13 Goulburn Street 18 Genevieve Circuit 10 Tattle Grove 42 Renlik Court 10 Diosma Court 182 Alisma Boulevard 17 Wilkiea Crescent 10 Noorat Place 57 Renlik Circuit Unit 14/10-20 Mickleham Drive 24 Mannavue Boulevard 6 Valegro Lane 26 Boutique Lane 16 Michaelia Close 3 Jindalee Gardens Unit 103/80 Cheltenham Road Clyde Clyde Clyde North Clyde North Clyde North Clyde North Clyde North Clyde North Clyde North Clyde North Cranbourne Cranbourne Cranbourne Cranbourne East Cranbourne East Cranbourne East Cranbourne East Cranbourne North Cranbourne North Cranbourne North Cranbourne North Cranbourne North Cranbourne North Cranbourne North Cranbourne North Cranbourne South Cranbourne West Cranbourne West Cranbourne West Dandenong 4 2 2 4 2 2 4 2 2 4 2 2 4 1 4 4 2 2 4 2 2 3 2 1 2 2 1 4 2 2 3 1 1 3 1 1 4 2 2 3 2 1 4 2 2 4 2 2 3 2 2 2 1 1 3 1 2 4 2 2 3 2 2 3 2 2 2 1 1 3 1 2 4 2 2 4 2 2 2 1 1 4 2 2 3 1 2 2 1 1 $450 $550 $600 $520 $680 $550 $450 $390 $410 $485 $395 $390 $490 $430 $520 $490 $450 $400 $440 $530 $450 $480 $400 $400 $480 $650 $420 $550 $460 $360 $1,955 $2,389 $2,607 $2,259 $2,954 $2,389 $1,955 $1,694 $1,781 $2,107 $1,716 $1,694 $2,129 $1,868 $2,259 $2,129 $1,955 $1,738 $1,911 $2,302 $1,955 $2,085 $1,738 $1,738 $2,085 $2,824 $1,825 $2,389 $1,998 $1,564 December 2022 - January 2023 review Suburb Price per week Price per month Address
We lease more A snapshot of last months leases.
December 2022 - January 2023 review
Unit 801/80 Cheltenham Road Unit 3/28 Olive Street 59 Crossdale Rise Unit 10/3a Baileyana Drive 2 Rossiter Avenue 27 John Fawkner Drive 8 Piedmont Close 2/66-68 High Street Unit 319/16 Clyde Street Mall 134 Warana Drive 4 Coley Court 33 View Street 9 Edith Rise 8 Jarman Drive 9 Sanctuary Rise 34 Browtop Road 12 Mahon Crescent 1 Rosemont Drive 114 Maramba Drive 57 Anaconda Road 1A Tingle Close 34 Abeckett Road 10 Woodbury Court 2 Lennon Court 14 Millicent Parade 11 Ample Avenue 7 Clendon Drive 124 Blue Horizons Way 3 Warneet Road Dandenong Dandenong Endeavour Hills Endeavour Hills Endeavour Hills Endeavour Hills Endeavour Hills Frankston Frankston Hampton Park Hampton Park Hampton Park Hampton Park Langwarrin Narre Warren Narre Warren Narre Warren Narre Warren Narre Warren Narre Warren Narre Warren Narre Warren North Narre Warren South Narre Warren South Officer Officer Officer Pakenham Warneet 3 1 2 2 1 1 3 1 2 2 2 1 3 1 2 3 2 3 3 1 2 2 1 1 2 2 1 3 1 1 2 1 1 3 1 4 4 2 2 3 1 2 3 2 2 4 2 2 3 1 1 3 1 2 4 2 2 3 2 2 3 2 2 3 2 4 2 1 1 4 2 2 4 2 2 3 2 1 4 2 2 4 2 2 2 1 2 $400 $320 $430 $380 $440 $450 $400 $420 $370 $380 $370 $380 $440 $460 $410 $550 $430 $410 $460 $450 $450 $570 $440 $500 $500 $440 $500 $480 $450 $1,738 $1,390 $1,868 $1,651 $1,911 $1,955 $1,738 $1,825 $1,607 $1,651 $1,607 $1,651 $1,911 $1,998 $1,781 $2,389 $1,868 $1,781 $1,998 $1,955 $1,955 $2,476 $1,911 $2,172 $2,172 $1,911 $2,172 $2,085 $1,955 Suburb Price per week Price per month Address
5 reasons why OBrien
Reason #1
Access to more renters.
Inter-office promotion and selling increasing your property’s exposure. Latest prospective renter database.
Reason #2
Experience, integrity and knowledge.
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
Constant improvement.
All property managers receive specialist industry training and have regular meetings.
Reason #5
Specialised marketing.
Professional photography and lease boards, utilising Australia’s premier real estate websites.
Rental Market Update Rachael Davidson 0458 307 440 Property Management Growth Specialist Bridget Daly 0488 224 161 Property Management Growth Specialist Josh Barbut 0439 782 898 Property Management Growth Specialist
December 2022 - January 2023 review Our property management team Currently for lease Berwick Cranbourne Narre Warren Berwick 9707 0556 56-58 High Street berwick@obre.com.au Cranbourne 5995 0500 Cranbourne Park Shopping Centre FS005/125 S Gippsland Hwy cranbourne@obre.com.au Narre Warren 8794 0500 32 Overland Drive narrewarren@obre.com.au
Our network
38 offices and growing
The quality of our service stems from the importance we place on the people behind our network.
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