Melbourne rental rents hit record median of $600

The weekly median asking rent for houses and units in Melbourne reached a record high of $600 during the September quarter, according to Domain’s Rent Report. While the median for greater Melbourne rose by 3.4 per cent, specific suburbs experienced much sharper increases.

In Glen Iris, the median weekly asking rent for houses rose 10.5 per cent over the year. Middle Park saw a significant surge, with rents soaring almost 40 per cent to a median of $1,250, despite a low turnover of only 63 leased homes during that period.

Domain chief residential economist Dr Nicola Powell noted that double-digit growth in certain areas suggests that overall medians may be masking divergent trends at the top and bottom ends of the rental market.