PM Aug-Sept 2023

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

Our network 40 offices and growing

Melton

Sydenham Preston / Reservoir

Croydon Ringwood Blackburn Vermont Wantirna

Deer Park Corporate

Oakleigh

Brighton

Werribee

Tecoma / Belgrave / Olinda

Endeavour Hills Mentone Narre Warren Keysborough

Berwick

Chelsea

Pakenham

Carrum Downs Cranbourne Frankston

Langwarrin

Mornington Somerville

Torquay

Hastings

Rye

Cowes

San Remo

Northern Victoria

Eastern Victoria

Wodonga Wangaratta Alexandra

Far North Queensland

Wonthaggi

Bairnsdale Drouin Warragul Cairns & Beaches

The quality of our service stems from the importance we place on the people behind our network. obre.com.au