The prices for apartments in Melbourne can vary considerably. Generally, the closer you stay to the city the more you pay.
Melbourne and nearby Dandenong, Geelong and Ballarat are high density locations. City apartments are more common there but outer areas picking the trend quickly.
Apartments in South East Suburbs, Melbourne East and North becoming a common feature of our urban landscape. The recent land shortage will further necessitates flats / apartments development.
Melbourne Apartments for Rent
Generally, it is the renting rather than buying which makes Melbourne apartments attractive. Banks do not offer loans easily, permanent jobs are scarce and so the security for buying homes diminished.
In the past there were students, delegated business people and low income families who rented Melbourne apartments. Today the trend for city apartments is set. Majority of Melbourne apartments buyers are investors. Majority of people living in those flats are renters.
The rent for city apartment varies considerably:
- In Melbourne CBD it can be between $400 to $800 per week.
The outer suburbs offer better deals.
- In Noble Park you can find very decent place for $300 per week.
- In the Northern Region (such as Bendigo) you can rent for mere $180 per week.
- In Mornington rent of $360 for good quality apartment is not uncommon.
Let's view some of the common Melbourne renting apartments.
Renting Prices for Melbourne CBD Apartments
Melbourne CBD is the most expensive ($450 and over per week). Apartments in Carlton, Richmond, St Kilda and even Docklands are rather inaccessible for an average family.
If you decide to pay $450 to $800 per week for a rent in Albert Park then it is better to take a loan for the house in Cranbourne.
The high renting prices are aimed at businesses and investors. It is still cheaper to rent the city apartment than to hire a hotel. Accessibility to businesses, transport and status are still the key elements for high rents and high purchase prices in Melbourne CBD.
Renting Prices for Mornington Peninsula Apartments
Mornington Peninsula suburbs like Frankston, Carrum Downs, Chelsea and Rosebud are predominantly seaside areas. It is not uncommon that the rent in those places may vary seasonally.
Investors who buy apartments and flats in Mornington usually count on the rent during summer holidays. However, there is still a lot of apartments available for round-year renting. You can expect to pay $220 per week in Frankston to $400 per week in Edithvale for a two bedroom apartment. In far away Rosebud $350 per week is not uncommon.
Renting Prices for South East Melbourne Apartments
South East Suburbs such as Dandenong, Cranbourne, Narre Warren and Pakenham are previously farming areas. Dandenong has already a high density of city apartments. The rent prices range between $250 to $350 per week for good location and 2-3 bedroom apartment. Bargains are not uncommon ($180-$200). Many houses for rent in Cranbourne or Pakenham will charge the same rent as city apartments in Dandenong.
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