Melbourne suburbs with the biggest rental listing rises and falls

Renters in need of a home can look to Surrey Hills, Mentone and Mooroolbark, with the suburbs among those with a rise in new listings compared to the same time last year.

But it’s slim pickings in areas like Hastings, on the Mornington Peninsula, where the number of new rentals to come to market dropped 41 per cent in that same period.

Carlton (-41 per cent) and Notting Hill (-25 per cent) also had significant drops, according to realestate.com.au’s September PropTrack rental report.

And while the number of new listings fell almost 17 per cent month-on-month across the city in August, the figure is still 36.4 per cent above what it was in August 2020.

REA group director of economic research Cameron Kusher said August was a “typically quieter month”, with low numbers exacerbated by the pandemic.

“Lockdown has certainly contributed to the significant fall this month, as was seen with falls in rental listings during other lockdowns over the last 18 months” Mr Kusher said.

“Until recently, the ban on one-to-one inspections meant rental seekers were unable to physically inspect a rental property, which is a major contributor to landlords being reluctant to list a property for rent.”

Mr Kusher said while listings would begin to return as Victoria emerges from its sixth lockdown, the numbers may not be reflected in the data until about October.

“We should start to see a lift in new rental listings given one-on-one inspections are now allowed,” Mr Kusher said.

He said the bigger decline in listings in the inner and inner-eastern suburbs “may be a result of more owners having sold their investment properties” or renters having already taken out leases in the area.

Meanwhile, a lesser decline in the city’s north wadue to an already large volume of available rental properties and the fact landlords were “seemingly more prepared to list in August despite fewer overall new listings”, he said.

In regional Victoria, the number of new listings increased 5 per cent month-on-month in August, with lockdown and a “flood” of people moving to the regions contributing to the rise.

“There is increasing demand for rental properties regionally, and landlords are seeking to capture that opportunity,” Mr Kusher said.

“It’s likely even short-term rental properties in these areas are converting to longer-term rentals.”

The number of overall properties available for rent in Melbourne fell 6.7 per cent monthly in August to hit the lowest volume since August last year, while regional Victorian listings were up by 2.6 per cent.

SUBURBS WITH THE BIGGEST INCREASE IN RENTAL LISTINGS:

year on year

Surrey Hills, 217%

Mentone, 216%

Mooroolbark, 210%

Ferntree Gully, 192%

Bayswater, 183%

SUBURBS WITH THE BIGGEST DECREASE IN RENTAL LISTINGS:

year on year

Hastings, -41%

Carlton, -25%

Notting Hill, -25%

Docklands, -25%

Lyndhurst, -23%

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