Unprecedented Demand and Rising Rental Prices

Rental demand across the region is at record levels, with some areas like Noble Park earning a reputation as the "rental capital of Victoria," where every second house is leased. In the last quarter alone, one office received around 1,700 rental applications but had only 500 open homes available. Inspections frequently attract up to 16 groups, with the most sought-after listings drawing as many as 25.

Despite rental increases of $50 to $120 per week in recent years, properties in the $450–$600 per week range remain the fastest to lease, often securing tenants within one to two weeks. The area's strong multicultural community, excellent transport connections via Princes Highway, and proximity to major employment hubs make it highly desirable for renters.

A Changing Landscape and Investor Opportunities

The region is undergoing a transformation, with older Housing Commission homes being replaced by modern townhouses. Three-bedroom, two-bathroom homes—particularly those with an ensuite—are in high demand and tend to lease almost immediately.

For investors, the current market conditions remain favourable, especially with interest rates holding steady. Many long-term investors are acting early to settle purchases before the festive season to avoid the end-of-year leasing rush and secure tenants quickly.