September 28th, 2022
4 ways to make your rental property feel like your home
Tips & How to's
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Much like Sydney, Melbourne has grown to become one of the most popular cities in Australia—and around the world.
In fact, Melbourne consistently ranks as one of the most liveable cities in the world, taking out the top spot for 7 years running between 2011 and 2017.
This seems fair when you consider the vibrant arts and entertainment scene, the amazing cafés and restaurants on every corner, the passionate sports culture and the friendly and welcoming nature of all who call Melbourne home.
It’s no wonder why this city is on the radar of so many as the ideal place to live.
However, as is the case with anyone looking to relocate, Australians and internationals alike still have several questions when it comes to living and renting in Melbourne.
That’s why we’ve put together this guide to provide you with a better understanding of the rental situation in Melbourne so that you can make the best decisions for your unique needs.
So, let’s get into it—starting with the most common question:
How much do you pay for rent in Melbourne?
Being the second most populous city in Australia, it would be fair to assume that rental prices in Melbourne would come at a premium.
However, the most recent CoreLogic Quarterly Rental Review Report, released in July 2022, revealed that the average rent price in Melbourne is only $480 a week, which is actually the lowest across all eight Australian capital cities.
If you’re looking to live in a house, you can expect to pay a little more, with the average weekly price sitting around $506. As for units, these will be slightly cheaper, averaging $455 a week.
Where are the most affordable places to live in Melbourne?
Looking to CoreLogic’s July 2022 report once again, we can see that the most affordable suburb to live in within Melbourne is Melton South, over in the west, with a median rental price of $307 a week for a unit, and $360 for a house.
In fact, the top 14 most affordable suburbs of Melbourne are all located to the west of the city, including Albion, Kurunjang, Hoppers Crossing, Werribee, Darley, Bacchus Marsh, Wyndham Vale, St Albans, Deer Park and Tarneit—where the average rental price for a unit in these areas does not exceed $358 a week.
Compare this with the suburbs of Brighton, Black Rock, Sandringham, Toorak and Hampton, where you can expect to pay in excess of $1000 a week for the privilege of living in one of those areas.
What is the most liveable suburb in Melbourne?
According to Realestate.com.au, the most liveable suburbs in Melbourne—based on access to amenities like shops, schools, public transport, healthcare and green spaces—are Fitzroy, Carlton, East Melbourne and Fitzroy North, all scoring a 9.8 out of a possible 10.
Rounding out the top 10 were North Melbourne, Princes Hill, Collingwood, Cremorne, Carlton North and the suburb of Melbourne.
Of course, most of these suburbs are all in close proximity to the CBD, meaning you’re likely to pay a higher weekly rent to enjoy better liveability in Melbourne.
What is the safest suburb in Melbourne?
When Canstar looked at crime rates to determine the safest suburb in Melbourne, they found that The Patch, around 39km east of the CBD, was the safest overall, followed by Park Orchards, Ferny Creek, Selby and Kallista—all similar distances from where the action happens.
In fact, the majority of the top 10 safest suburbs all sit within the outer suburbs of Melbourne and are typically occupied by a smaller population, predominantly made up of older couples and families.
In terms of the safest suburbs close to Melbourne CBD, however, Carlton North takes out the top spot.
Remember, though, that not only is Melbourne one of the most liveable cities in the world, but it is also ranked as one of the safest cities as well, meaning you shouldn’t have any trouble finding an area that feels comfortable to you.
Where do professionals live in Melbourne?
While it’s difficult to find hard data on where exactly professionals are choosing to live in Melbourne, the consensus is that the closer to the CBD, the better. Not only does this place most people closer to work, but the inner city areas also offer up a plethora of entertainment options as well.
Of course, while you’ll pay more to live close to the city, if you’re a young professional in a well-paying job, this may just be the perfect place for you to live and play.
So, what is the best suburb to rent in Melbourne?
The all-important final question… where is best for you?
Well, the answer comes down to many factors, most of which depend on what exactly you’re looking for.
- If it’s affordability you’re after, then the evidence points west.
- If safety is your main priority, the outer suburbs are calling.
- If you’re wanting to soak up everything Melbourne has to offer, then finding a place close to the CBD is the obvious choice.
At the end of the day, we can provide the facts, but only you can make the right decision based on your unique situation.
What we can tell you is that no matter where you choose to live and rent in Melbourne, it won’t take long before you start to see why it truly is one of the greatest cities in the world.
Just remember: rental properties need good property management
Should you decide to rent in Melbourne, it’s important to also factor into your decision that you’re being looked after by an experienced, quality Property Manager.
Good Property Managers have property expertise and skill, backed by innovative software tech like PropertyMe.
You want to know that your Property Manager is equipped with the best technology to help you over the life of your tenancy. This includes offering you the ultimate convenience with a mobile app.
Manage everything related to your tenancy from the palm of your hand
As a tenant, you want everything at your fingertips—and with PropertyMe’s mobile app, there’s so much you can do.
From your phone, you can easily access all your property information, documents and communications, take control of your rental finances and bills, log and monitor your maintenance requests, and much more.
