Rents have surged in popular regional Victorian towns over the past year due to lower living costs, desirable lifestyles, and job opportunities. Areas like Macedon Ranges, Shepparton, Mildura, Mansfield, and Murrindindi saw significant median rent increases. Experts attribute these rises to affordability constraints, population growth, and a decline in landlords within the Victorian market.
The median weekly asking house rent in regional Victoria.Rents have jumped in a string of popular regional Victorian towns in the past year, driven by their lower cost of living, desirable lifestyle and job opportunities.
Across regional Victoria overall, asking rents for houses were steady in the September quarter at a median of $470 per week, while unit rents rose $5 a week to $370.Another contributing factor to Victoria’s rent rises was the change in population dynamics in the state, which, for the first time since September 2021, saw positive net migration.“What we have now is population dynamics are reverting to what we would normally see for the state of Victoria.
In other areas, especially those within commuting distance of Melbourne, Rawnsley said affordability was a big driver. “Demand for rentals has been on the rise, particularly due to the area’s proximity to Melbourne, which makes it attractive to those seeking a more relaxed, semi-rural lifestyle while still maintaining access to the city,” she said.
“We are also seeing interest from other regional areas and interstate renters, particularly from cities like Sydney,” she said. Meanwhile, Shepparton Real Estate managing director Ryan O’Connor said it was job opportunities that were attracting renters to the greater Shepparton area.
Regional Victoria Rent Increase Affordability Lifestyle Population Growth
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