Melbourne rental prices surge by 30-34% year-on-year, with median rents at record highs.

Rental prices in Melbourne have surged, with landlords requesting 30-34% increases compared to last year. Median rents are at record highs of $580 for houses and $550 for units, although they remained stable in the September quarter. The vacancy rate is slightly up to 1.3%, but still low, prompting renters to seek more affordable options, contributing to rising prices in less popular areas.

October 05, 2024
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