Lorna Wang is living in a three-bedroom house in Kew and paying less in weekly rental costs compared to when she lived in a Sydney apartment.
Tenant Lorna Wang is getting more bang for her buck leasing a three-bedroom house in Kew after renting an apartment in Sydney, and the catch is, she’s paying less rent.
Ms Wang said there was “really good affordability” in Melbourne compared to other markets.
“I think Melbourne hasn’t really had the run that a lot of other capital cities are seeing,” she said.
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As a rentvestor, or someone who is a property investor but chooses to rent, the 33-year-old said she moved to Victoria for a change of scenery, but has been able to get a lot more for her money in terms of where she’s living.
“In Melbourne, I’m living in a house which is different for me. It’s cheaper, it’s bigger as well,” she said.
But Little Real Estate property services executive general manager Anne Crarey predicted that the city’s rental prices would start to rise, driven by people from interstate flooding into the market.
“That will increase as the months go on during the year; from September to March, I think we’ll see an increase,” she said.
Rentvestor Lorna Wang is living in a three-bedroom house in Kew and paying less in weekly rental costs compared to when she lived in a Sydney apartment.
Ms Crarey added that tenants who moved out of Melbourne during the pandemic would also start to return back to the city because of lower rental costs.
She said once the weather began to improve in Melbourne in the next couple of months, it would be very enticing to move to the city, especially those in Queensland where rents were higher.
Ms Crarey noted there were many people from New Zealand and New South Wales moving to Melbourne driven by their employment, especially those who worked in emergency services.
“My advice would be if you’re looking for a property, look now, don’t wait until it gets warmer,” she said.
“Everyone wants to go and look for a property where it’s warmer, because it’s warmer because it’s the ideal time to move.”
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sarah.petty@news.com.au
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