The rental market in Mitchell Shire has recently experienced a strong surge, following a brief lull at the start of the year. The market is now as active as it was this time last year, with many renters eager to secure a property in the region. Renters are facing a highly competitive environment, with a vacancy rate of around 1%, and our rental roll includes approximately 500 homes across popular suburbs such as Wallan, Kilmore, and Wandong.

Demand is high, with 14 renters attending each inspection on average. For homes that are well-priced, inspection numbers tend to rise even further. While the average number of applications per rental was around 10-15, this has now increased to 20, reflecting the growing demand for quality rental properties.

While some landlords are selling due to rising costs, the Mitchell Shire rental market is seeing a steady stream of new listings, with nine new properties added to the market in just two weeks. Our focus is on securing the right tenants for our landlords, rather than rushing to lease properties quickly. This careful approach ensures a good match between landlords and tenants, resulting in long-term, positive rental experiences.

New Investors Seizing Opportunities

Unlike many other regions, Mitchell Shire is seeing a rise in investor activity, especially with new homes being built. Both local and interstate investors are taking notice of the region's potential for capital growth and strong rental returns.

Rental yields remain steady, with four-bedroom houses in high demand, fetching between $480 and $510 per week, yielding a return of 4-5%. These family homes, typically offering four bedrooms, two bathrooms, and a double garage, are the most sought-after properties, though supply is tight.

Smaller properties, such as two-bedroom units, can be more challenging to lease. However, we recently rented out a two-bedroom unit in Wallan without any advertising, securing a high-quality tenant at $380 per week. Additionally, a four-bedroom house in Wallan attracted multiple applications and was leased within 10 days for $500 per week.

A Region on the Rise

Mitchell Shire continues to attract new buyers, with estates in Wallan such as Springridge and Wallara Waters seeing high demand. The region offers a combination of parks, open spaces, and easy access to the city and northern suburbs, making it an appealing location for families and investors alike. With strong capital growth and rental returns, Mitchell Shire is proving to be a promising area for property investment.

As demand for rental homes remains high and supply tightens, landlords are in a favorable position. We anticipate that the supply of rental properties will continue to decline in the near future, further benefiting landlords who are able to secure quality tenants for their properties.