Real Estate

Moving to Cheltenham could halve rent for Bayside tenants

Written by The ReReport

Bayside tenants could halve their weekly rental payments by moving across the Nepean Highway to Cheltenham.

Relocating to the “bridesmaid” suburb from a premium pocket like Black Rock could save renters thousands of dollars a year, new Real Estate Institute of Victoria research reveals.

The data shows the Cheltenham’s median weekly rent of $530 is dramatically cheaper than Black Rock’s weekly cost of $1000.

RELATED: The ‘bridesmaid’ suburbs where Melburnians can save the most on rent

Mont Albert tenants could save big bucks by searching further east

Geelong ruckman, ex-Saint Rhys Stanley to handball Cheltenham pad

The staggering difference tops the list of price savings possible between adjacent suburbs in Melbourne.

Cheltenham is also about $240 cheaper a week than Sandringham and Beaumaris, where median rents are $798 and $773 respectively.

Barry Plant Mordialloc head of residential property management Amanda Bell said tenants were getting much better value for money “across the (Nepean) highway in Cheltenham” than they were in beachside Black Rock, Sandringham, Beaumaris and Highett.

Families could still rent a four-bedroom house for about $600 per week in Cheltenham, and a three-bedroom townhouse for $580. This was “unheard of in the glitzy bayside suburbs,” she said.

And they still had easy access to lifestyle perks including Southland shopping centre and train station, plus top private and public schools.

Ms Bell said most of the renters moving to Cheltenham were families who had been priced out from buying, and were seeking long-term tenancies of more than two years.

Hodges Sandringham director and senior property manager Katie Pickering said the size difference between properties in Black Rock and Cheltenham could account for the major price difference.

“In Black Rock most properties leased are family homes on bigger lots of land, but in Cheltenham there are more new apartments and townhouses,” Ms Pickering said.

She said many families that wanted to be near private schools and the beach were willing to pay a premium in suburbs like Black Rock, Beaumaris and Hampton.

“A lot of families also can’t get financing at the moment, so they’re renting in their desired suburb to try before they buy,” she added.


READ MORE: Hampton blank canvas scores stunning sale under the hammer

Victorian mortgages shrinking as market slows, Adelaide Bank and REIA report

Melbourne’s best cheapie suburbs to buy into revealed by PRD Nationwide

REIV president Robyn Waters said the figures showed tenants didn’t need to sacrifice closeness to the city, public transport links, shops, parks and other important amenities to stay within their weekly budgets.

“At a time when the cost of living is biting many families … renting in a bridesmaid suburb could be a viable option to improve your bottom line,” Ms Waters said.

— with Samantha Landy

Source link