What are the cheapest suburbs to rent in Melbourne?
Looking for an affordable place to rent in Melbourne? We reveal the 20 cheapest suburbs to rent both houses and units.
20 Dec 2024
Looking for an affordable place to rent in Melbourne? We reveal the 20 cheapest suburbs to rent both houses and units.
Melbourne is one of the most liveable cities in the world, according to Economist Intelligence’s Global Liveability Index. It might be surprising to note, however, that according to CoreLogic’s November 2024 figures it’s actually one of Australia’s most affordable capital cities to rent in.
CoreLogic reported that rental growth conditions across the capitals were slower than last quarter. Darwin (1.7%) and Hobart (1.3%) recorded the largest rise, whilst Adelaide (1.2%) along with Perth (1.0%), Sydney (0.1%) and Brisbane 0.1%) saw their pace of rental growth ease. Melbourne and Canberra reported rental value declines of 0.2% and 0.3% respectively.
Vacancy rates in the Victorian capital have also increased over the past 12 months. In the November quarter 2023 the vacancy rate was 1.1%. Fast forward to November 2024 (the latest figures released by CoreLogic) and it is up to 1.6%.
There’s a substantial difference between the most expensive and the cheapest suburbs to rent in Melbourne. The most expensive median house to rent is in Brighton, where it costs $1,343 a week. Meanwhile, in the city’s cheapest suburb for houses, Melton, it costs just $425 a week. For units, Beaumaris in Melbourne’s inner south is the most expensive, with a median weekly rent of $884. Melton South, on the other hand, is the cheapest with a median weekly rent of $380.
Related: Top 10 richest & poorest suburbs in Australia
CoreLogic has compiled a list of the suburbs in Melbourne where it’s cheapest to rent a house and unit. Here’s the breakdown.
Top 20 cheapest suburbs to rent in Melbourne
It’s possible to rent a unit or house in all of these Melbourne suburbs for $500 or less, but in some of the locations, the vacancy rates are low so it won’t necessarily be easy to secure a property.
Top 20 cheapest Melbourne suburbs to rent: Houses
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| Suburb | Distance from Melbourne’s general post office (GPO) |
Median weekly rental value |
Vacancy rate (Nov 2024) |
|---|---|---|---|
| Melton | 37km | $425 | 2.50% |
| Melton South | 37km | $434 | 2.60% |
| Melton West | 39km | $449 | 2.00% |
| Kurunjang | 37km | $449 | 1.80% |
| Brookfield | 39km | $469 | 2.70% |
| Harkness | 39km | $470 | 1.80% |
| Weir Views | 36km | $471 | 5.00% |
| Eynesbury | 36km | $475 | 3.70% |
| Albanvale | 19km | $482 | 1.10% |
| Wyndham Vale | 31km | $484 | 3.30% |
| Laverton | 17km | $485 | 1.40% |
| Ardeer | 15km | $486 | 0.90% |
| Kings Park | 19km | $487 | 0.30% |
| Cobblebank | 35km | $487 | 3.90% |
| Deer Park | 18km | $488 | 0.80% |
| Bacchus Marsh | 49km | $490 | 1.50% |
| Werribee | 29km | $491 | 2.00% |
| Strathtulloh | 34km | $491 | 4.40% |
| Thornhill Park | 32km | $492 | 4.40% |
| Albion | 13km | $493 | 2.20% |
Data source: CoreLogic, November 2024. Median values refers to the middle of valuations observed in the region. Growth rates are based on changes in the CoreLogic Home Value index, which take into account value changes across the market. Only metrics with a minimum of 20 sales observations and a low standard error on the median valuation have been included.
Top 20 cheapest Melbourne suburbs to rent: Units
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| Suburb | Distance from Melbourne’s general post office (GPO) |
Median weekly rental value |
Vacancy rate (Nov 2024) |
|---|---|---|---|
| Melton South | 37km | $380 | 2.00% |
| Melton | 36km | $394 | 1.30% |
| Harkness | 39km | $410 | 1.40% |
| Bacchus Marsh | 49km | $413 | Not available |
| Wallan | 44km | $417 | 0.50% |
| Werribee | 28km | $422 | 1.10% |
| Hoppers Crossing | 25km | $426 | 0.50% |
| Darley | 50km | $431 | Not available |
| Sunbury | 33km | $435 | 0.50% |
| Albion | 13km | $439 | 0.80% |
| Wyndham Vale | 31km | $440 | 2.70% |
| Deer Park | 18km | $450 | 0.20% |
| St Albans | 17km | $451 | 1.20% |
| Hillside | 23km | $459 | 0.40% |
| Flemington | 4km | $459 | 0.80% |
| Kingsville | 8km | $461 | 0.70% |
| Sydenham | 22km | $463 | 0.50% |
| Tarneit | 26km | $464 | 1.70% |
| Altona Meadows | 18km | $467 | 1.00% |
| Thomastown | 16km | $467 | 0.80% |
Data source: CoreLogic, November 2024. Median values refers to the middle of valuations observed in the region. Growth rates are based on changes in the CoreLogic Home Value index, which take into account value changes across the market. Only metrics with a minimum of 20 sales observations and a low standard error on the median valuation have been included.
Cover image source: designium/Shutterstock.com
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