Melbourne’s most expensive rental suburbs

Toorak and Brighton are the most expensive rental suburbs in Melbourne, reveals Domain. Toorak commands a median asking rent of $900 per week for houses, while Brighton commands $5 per for units.

Domain’s May quarter rental data outlines Melbourne’s most expensive and most affordable rental suburbs, serving as a guide to the highest- and lowest-return residential investment properties in Melbourne.

Toorak was at the top of the housing list with a median weekly asking rent of $900, while Melton was the cheapest ($260 per week). The most expensive suburb for unit rents was Brighton ($5 per week), while Albion was the most affordable ($220 per week).

According to Domain, the most affordable rental houses are concentrated in Melton, which recorded minimal differences between weekly house and unit rents. Domain also noted that Melbourne’s most expensive house rental suburbs reflect the most expensive suburbs for house purchases.

Domain was surprised to see the inner Bayside suburb of Black Rock generating superior rent to Brighton, Bayside’s former prestige market leader.

Two emerging prestige inner suburbs – Fitzroy ($5 per week) and Port Melbourne ($530 per week) – were included among the top five most expensive suburbs for city unit rents. Inner-city Southbank and Docklands continued to ask substantial unit rents of $5 and $520, respectively.

Melbourne’s most expensive suburbs to rent

Houses	Median weekly asking rent	Units	Median weekly asking rent
Toorak	$900	Brighton	$5
East Melbourne	$828	Fitzroy	$5
Black Rock	$820	Southbank	$5
Canterbury	$800	Port Melbourne	$530
Brighton	$798	Docklands	$520

 

Source: Domain

Melbourne’s most affordable suburbs to rent

Houses	Median weekly asking rent	Units	Median weekly asking rent
Melton	$260	Albion	$220
Melton South	$260	Sunshine	$240
Frankston North	$270	Melton South	$2
Kurunjang	$275	Melton	$258
Melton West	$280	Melton West	$260

 

Source: Domain