It’s a golden age for lessors. Vacancy rates remain at an all-time low of 1%, while demand for rental housing continues to grow, forcing increases in rental prices across the property spectrum. Melbourne’s median apartment rent has risen by 22% this year, and house rents by 13% – comprehensively outstripping inflation. At Abercrombys we have fielded, and accommodated, an increase in demand for quality apartments and family homes throughout Stonnington and Boroondara. At the lower end of the market renters are reluctant to move at present because of the limited options available to them, so that end of the rental market has reached a kind of “sit tight” moment.

Over the past year domestic construction hasn’t kept pace with immigration. How could it? But Victoria is now experiencing a build-to-rent trend that should alleviate the shortage of rental properties in the near-to-medium future.