Albion and Sunshine units are being rented out for bargain basement prices.
That’s the word from real estate website Domain, which last week revealed Melbourne’s cheapest and most expensive rental suburbs.
Domain’s May quarter rental data revealed Albion rental units had a median asking rent of $220 a week, with Sunshine close behind at $240. Melton topped the list for the cheapest rental houses, with a $260 median asking price.
At the other end of the spectrum, Toorak houses commanded $900 a week on average to boast the highest weekly rental prices, while Brighton units brought in about $550 a week to be the priciest rental units in Melbourne.
Figures from the Real Estate Institute of Victoria show renters across Melbourne are forking out $381 a week on average for a rental unit, while units in outer Melbourne – which Albion and Sunshine fall into – command about $315 per week.
In good news for investors, Sunshine is one of the more affordable Melbourne suburbs in which to buy a unit, with properties selling for around $297,500.
Thomson Real Estate portfolio manager Paul Murray said Albion was one of the best-kept secrets for rental properties.
Mr Murray said one property currently up for rent in Ridley Street, Albion, was going for $220 a week and was within walking distance of Sunshine railway station and Sunshine Plaza.
“Albion’s got a lot going for it. I think the prices should be higher given the proximity of the station and local amenities.”
