The local rental market continues to perform strongly in 2024 with rents continuing to track higher in Melbourne and Banyule over the last quarter.
- Ivanhoe East units up 22 per cent at $600 per week*
- House rents in Alphington up 23 per cent to $860 per week*
- And Median rents in Melbourne’s North-East up 14.3 per cent from 12 months June-June*
For investors, the news is positive. Rental yields are exceptionally strong and the capital growth outlook is promising, especially given Melbourne's low supply issues and high population growth. The Miles vacancy rate has increased slightly to 1.59 per cent, still well below the Melbourne-wide rate of 2.2 per cent.
Renter enquiry remains very strong – our team handled over 8,700 inquiries in Q2. And with an average of just 16 days on the market, our team efficiently complete the leasing process, minimizing income loss for our clients.
If your property is well presented and priced well, it should lease very quickly to quality Renters. We place extremely high importance on the renter-selection process, ensuring your property is well protected.
We recently leased:
3/51 Wilfred Road, Ivanhoe East leased for $1200 per week
74 Casey Crescent, Viewbank leased for $800 per week
139/626 Heidelberg Road, Alphington leased for $1050 per week in just 12 days
At Miles we also manage many properties outside of the Banyule area and offer a premium property management service – so please get in touch should you wish to get an up-to-date appraisal.
