With houses hitting the real estate roof as of late, median prices are moving in an upwards trajectory and home buyers are left wondering when the market will slow down and catch its breath. This challenging environment may be having a flow on effect on its rental counterpart, in that by locking buyers out of the market, they are continuing to rent- and it now seems that renters are setting their sights further and further out of the city, to suburbs like Dandenong, Narre Warren, Cranbourne and Carrum Downs. With demand rising for outer city rentals it seems suburbia is no longer a reality for the short changed home buyer. We take a look at one trending suburb, Dandenong, and investigate.
Apartments for Rent in Dandenong
On average, an apartment to rent in Dandenong will set you back $305 per week, and unlike most other Melbourne suburbs, the median price has been relatively stable over the last 12 months. While inner city apartments currently hover around $426 per week, Dandenong apartments are rented for 25% less. And with Melbourne house prices increasing by 11.7% in the last year, opting for an outer-Melbourne apartment to rent could save you an additional $6,160 - a tidy sum which a home buyer should not sneer at.
So affordability is one reason to consider Dandenong apartments to rent - yes, but don't overlook the suburb's other benefits.
Dandenong: Diversity and development: The d's that have everyone talking.
Located 30 km south east of Melbourne's CBD, the township of Dandenong is located at the foothill of the Dandenong ranges - a popular hiking spot for the outdoors-inclined. However it is more than just the fitness fanatics that are drawn this way. While the suburb may have copped a bit of "bad press" in recent years for its rough around the edges reputation, local council-driven initiatives for suburb development has quickly transformed the area. Notably, Dandenong's recent $65 million civic centre has given the city a much-needed facelift- and breathed new life into the area with an impressive library, plaza area and beautiful streetscaping.
Did you know that Dandenong is home to residents from over 160 different countries?
Here is a pocket of Melbourne that may be worth considering for its diversity alone. Dandenong started as a township in 1852 and during the mid-20th century it became a significant manufacturing and commercial hub. The historical produce and goods markets are the 'beating heart' of the town, the bread and butter that facilitated the area's initial development, and a cornerstone today to experience locals' exotic fare. From a buzzing market, to impressive local performances at Drum Theatre to exciting scenery and wildlife attractions - it can appeal to a wide range of property seekers.
Are you in the market with affordability, culture and development on your rental request list? We say don't discount Dandenong.