Choice and variety
The Age
Saturday October 3, 2009
South Melbourne's mixed-bag feel keeps prices lower, writes Susannah Petty. SOUTH Melbourne is a locale with many faces.On the border it shares with Southbank, the suburb sports clusters of apartment complexes, early examples of Melbourne's love affair with high-rise living. Closer to Port Melbourne is a tangle of converted warehouses. And within South Melbourne's heart, the streets are lined with Victorian and Edwardian townhouses and cottages.The mix adds up to a somewhat disjointed feel that has likely contributed to South Melbourne having slightly cheaper rental properties than its more cohesive neighbours."I think it is a sleeping area," says Robert Bremner of Frank Gordon Estate Agents.He believes South Melbourne rentals are still undervalued and says renters can expect to pay an average of $30 less a week than they would for similar properties in Port Melbourne or Albert Park."I think South Melbourne still has some upside," he says.At its cheapest, South Melbourne offers apartment rentals from about $350, Mr Bremner says."That's for basic, boxy, Legoland stuff. For two-bedders that have some spunk to them, it'd be high $400s."Judy Andrews of Buxton says one-bedroom cottages can be found for $360 a week, while one and two-bedroom apartments generally list for between $400 and $550 a week.For houses of two bedrooms or larger, she says, rentals can start from about $600 a week and rise to more than $1500 a week. "For $1500 you'd get four bedrooms, two living areas, a redeveloped home and a courtyard," Ms Andrews says.Many of South Melbourne's large properties are held by longstanding owner-occupiers. Rental fare tends to attract young professionals or students.South Melbourne's proximity to both the city and the beach is a significant drawcard for renters.Trams run directly to the city centre along South Melbourne's retail core of Clarendon Street and main roads form two of the suburb's boundaries. South Melbourne also benefits from neighbouring facilities: both Albert Park and the Royal Botanic Gardens lie just beyond the area, the Docklands can be reached on foot from one edge of the suburb and the Melbourne Sports and Aquatic Centre is just a skip across Albert Road.Mr Bremner says demand for South Melbourne rentals has lost some steam, partly due to reduced activity from relocation agencies and partly due to tenants opting to take advantage of the first home buyer grant."I haven't found the market to be nearly as strong as it was this time last year," he says. "But having said that, it's coming off a high base. There's still stuff around and it's going."
© 2009 The Age
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