There’s a select few neighbourhoods where landlords have had to cut their price expectations, unlike the rest of the city.
Tenants looking for relief from rising rents have few suburbs to turn to across Melbourne, where just four markets recorded falls in asking rents over the past 12 months.
The last market where rents fell was Sorrento on the Mornington Peninsula. House asking rents there fell 7.8 per cent to $713 per week. Belle Property director Alex Puglia said the fall in international student arrivals had affected Parkville’s market. However, he said, Parkville was more of a bridesmaid suburb for students looking to be near universities because it was not as well-connected to public transport as neighbouring Carlton and North Melbourne.“Students consider Carlton and even North Melbourne, then go to Parkville as a third choice,” Puglia said. “It’s for price reasons as well.
Renters and Housing Union secretary Harry Millward said falling rents in a few suburbs were of little benefit to renters as a whole. . When rents rise around you, have to fight to not have the rent pushed up ... whereas when rent falls there’s no mechanism to call up and say I should pay less rent.”
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