Banyule Records Very Strong Annual Rental Growth
While Melbourne’s overall rental market has levelled off in recent months, Banyule and parts of Darebin have defied this trend.
Across Melbourne, rental growth stayed at 0% for the fourth straight quarter. However, in our local area, the story couldn’t be more different. Rents for both houses and units have risen annually into double-digit territory in many key suburbs, driven by very strong demand for quality homes, a thriving local community, shopping villages, excellent schools and amenities.
Some of the standout figures below:
- Ivanhoe saw house rents jump by 12.3% over the past year, while unit rents climbed 10%.
- In Darebin, Fairfield houses recorded an impressive 12.5% annual increase, reflecting the suburb’s ongoing popularity.
- Alphington’s unit market also performed well, with rents up 10% year-on-year.
- Closer to home, Eaglemont’s unit rents increased by 17.8%, showcasing strong rental demand for premium living.
- Heidelberg houses rose 11.5%, while Heidelberg Heights saw unit rents grow by 11.1%.
- Heidelberg West houses recorded 15.4% growth as renters seek out homes in traditionally more affordable areas.
- Even smaller pockets like Bellfield saw house rents rise by 8.3%, highlighting widespread demand across the area.
Recent Standout Rentals
- 1/34 Devon Street, Eaglemont- a four-bedroom home leased for $1250 per week
- 39A Mount Street, Eaglemont - a large family home with a lock-up double garage leased for $1100 per week
This kind of growth is good news for property investors, as it reflects continued renter interest in the northern and north-east suburbs which in turn are translating to much higher than average ROIs. It’s clear that renters are prioritising lifestyle, community, and proximity to services and transport, keeping demand strong and vacancy rates low.
At Miles, we are committed to keeping all our RRPs informed, supported and confident in navigating the evolving rental landscape.
Investors should keep an eye on the new rental reforms. These legislative updates are scheduled to come into effect by November 2025, with some additional reforms expected to roll out later this year.
These changes will introduce further protections for Renters and some new compliance requirements for Rental Providers. Staying proactive and informed will be key to ensuring your investment remains compliant and competitive.
We’re here to help you navigate these changes and maximise the return on your investment. If you’re curious about your property’s current rental value or want to discuss how the new reforms might affect you, get in touch with our Property Management team today.
