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Melbourne rentals - what's the competition like at the minute?

Melbourne rentals - what's the competition like at the minute?

Old Mar 14th 2008, 11:29 am
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Default Melbourne rentals - what's the competition like at the minute?

Hi All,

Finally made it down here to be greeted by the lovely boiling hot weather! We're in a serviced apartment for the next few weeks, provided by my company while we find somewhere to live. We're in the CBD at the moment and are really enjoying it the plan being to stay very central for a year and then probably move out east. I know we'll pay over the odds but we really want to get to know the place well and it's fun where we are now.

I've found a few rightmove style aggregate property websites and merrily picked out loads of fab apartments only to find out that all of them have already gone (some a couple of months ago!) and that viewings are either at the weekends or mid week and they're at set time so you go round in a herd of other people. Once you've viewed it, you then submit an application to some sort of beauty parade and it's not clear who is picked to rent the place.

I've found this all a bit bizarre and am now worried that we're not going to find somewhere in the next two weeks before we have to move out of our current place. Any views on how competitive the Melbourne market actually is and tips on how to actually make sure that it's us who gets a property we like?

I'm earning pretty good money and have a permanent job with my old company in the UK so can easily cover up to $500 odd per week by myself, never mind adding OH's pay when he eventually gets a job. I thought I was in a strong position to pick and choose but now I'm not so sure!

All views/help gratefully received!

Edna x
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Old Mar 14th 2008, 1:48 pm
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Default Re: Melbourne rentals - what's the competition like at the minute?

Hi

Yes - it all sounds very familiar. We just managed to get a 2 bed flat in Port Melbourne a couple of weeks ago. But only after four consecutive weekends of my partner going to viewings. He would view on a Saturday, put in an application on Monday morning and then we would simply fail to secure rental because of competition. This happened for the the first four or five that we (or should I say, he) tried. We're on a similar budget (were prepared to spend up to about $600 per week) and we were looking at smaller houses/apartments in the Port Melbourne/Albert Park area. We too plan to move out after the first year. Its a real pain - we even got outbid once - i.e. one of the other applicants offered over the asking price on the rental!!!

The trick is to narrow your geographical search area and then schmooze a certain agent and make them want to get you a rental. Then be prepared to offer a few months rent in advance. This eventually helped and got us our place. Now that all the hard work is done all that is left is for me to fly out on Sunday and join him in the sunshine!!!

Hoorah!

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Old Mar 14th 2008, 9:17 pm
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Default Re: Melbourne rentals - what's the competition like at the minute?

Cheers Sorrento, we're doing our first viewings this morning so I'm incredibly nervous about the whole thing properly to maximise our chances! Good tips re getting to know the agent and offering more money upfront.

Thanks,

Edna x
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Old Mar 15th 2008, 12:32 am
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Default Re: Melbourne rentals - what's the competition like at the minute?

I would not wait until Monday to put in an application if I viewed on Sat. If I wanted the place, I'd go straight to the agent's office.
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Old Mar 15th 2008, 2:04 am
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Default Re: Melbourne rentals - what's the competition like at the minute?

Originally Posted by augigi View Post
I would not wait until Monday to put in an application if I viewed on Sat. If I wanted the place, I'd go straight to the agent's office.
Yes, applications are usually reviewed over sunday brunch.

Seriously
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Old Mar 15th 2008, 2:56 am
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Default Re: Melbourne rentals - what's the competition like at the minute?

Originally Posted by augigi View Post
I would not wait until Monday to put in an application if I viewed on Sat. If I wanted the place, I'd go straight to the agent's office.


yep , also we offered 4 months rent in advance, i know a couple who also done this and the cheeky owner came back via estate agent and said, ok, but wanted six months in advance


We also went round all the estate agents and got the application forms to fill out in advance, and stapled our references, bank statements, visas etc to them , ready to give to the estate agent at the viewing

It definately helps if the estate agent likes you, i think at the end of the day, its them who get the final say!! if they think your an arsehole they aint gonna pass on your application to the owner.


Also know someone who met an estate agent at the pub, he told her what he wanted, next week he got that (and her, lol)

Last edited by Margaret3; Mar 15th 2008 at 2:59 am.
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Old Mar 16th 2008, 11:34 am
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Default Re: Melbourne rentals - what's the competition like at the minute?

Cheers guys,

Yup, it's as cut throat as we thought! Spent all day saturday traipsing round about 10 places in the sun with hoards of bloody students. Apart from the first property that I viewed, there were probably 20 other people at each and some of the places were really crummy, even for $500 a week. A thoroughly depressing experience but we have 3 applications going in first thing in the morning. Good tips re having the paperwork ready there and then, will do that if none of these come off, pretty ethically opposed to getting into any sort of weekly rental biding war but ultimately we need a roof over our heads.

Edna x
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Old Mar 17th 2008, 4:30 pm
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Default Re: Melbourne rentals - what's the competition like at the minute?

Am I right in assuming that you are talking about rentals around the CBD? Please say Yes!!!

We are hoping to rent a house in the Blackburn, Nunawading, Vermont areas.... are there delays here too? We are staying with my sister for the first couple of weeks and would need to get a house asap!

Help
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Old Mar 18th 2008, 3:50 am
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Default Re: Melbourne rentals - what's the competition like at the minute?

It's definitely true about the agent having a lot of say.
A year ago when we were looking we had come over from the UK with no rental history (as we own our house over there) and, against loads of competition, found it really hard to find somewhere. Took us ages, and in the end only got the place because we knew someone who was good friends with the agent and put a word in for us!
We have just moved again and this time it was so easy...the new house was with the same agency and, because we had looked after the previous place really well (which apparently quite rare over here ), the agents basically recommended us and we had our offer accepted the day after viewing
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Old Mar 18th 2008, 8:22 am
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Default Re: Melbourne rentals - what's the competition like at the minute?

I contacted one of the real estate agents in the area I'm looking at (East side of Melbourne) and she said that most rentals are now a 12 month minumum.......
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Old Mar 18th 2008, 7:48 pm
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Default Re: Melbourne rentals - what's the competition like at the minute?

Originally Posted by Irish Gal View Post
I contacted one of the real estate agents in the area I'm looking at (East side of Melbourne) and she said that most rentals are now a 12 month minumum.......
We found the same when we were renting when we came here first 5 years ago. 12 month contracts appeared to be the norm.

Once the initial contract is over though it will become an ongoing rental agreement (where you only have to give 30 days notice), unless of course they make you sign a new contract which seems to be more common now as many landlords seem to be taking full advantage of the chance to up the rents at every legal opportunity these days (i.e. once every 6 months)
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Old Mar 18th 2008, 9:15 pm
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Default Re: Melbourne rentals - what's the competition like at the minute?

Hi @boy,
We've never had to rent so won't have any references from previous landlords etc. Have you found this to be a problem? I'm known as Monica at home (Cleaning freak from the TV show Friends) so how do I prove I'll look after the house??
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Old Mar 18th 2008, 10:29 pm
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Default Re: Melbourne rentals - what's the competition like at the minute?

Originally Posted by Irish Gal View Post
Hi @boy,
We've never had to rent so won't have any references from previous landlords etc. Have you found this to be a problem? I'm known as Monica at home (Cleaning freak from the TV show Friends) so how do I prove I'll look after the house??
Irish Gal
i gave my employers as a reference and the estate agent did phone to verify i was employed.
Also gave a friends name here and in the u.k and gave their email address, as far as i know the estate agent did not phone them, they just want to know you can pay the rent!!
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Old Mar 18th 2008, 10:34 pm
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Default Re: Melbourne rentals - what's the competition like at the minute?

Hi

When were looking for rentals in April last year we were soooo depressed after a couple of days - had increased the budget, widened the net and still daggy places coming up.

Then we went to one inspection on a Sat morning, first in, loved it and flew around to the agents then and got the application in before they closed at lunchtime. We got it even though we had no jobs (self employed) but she suggested we offer 3 months up front and it was fine. I don't think they even checked our refs. We could only give a couple of Aussie friends here and a friend with a posh job back in the UK. Anyway, seemed to work.

Unfortunately you just have to keep sticking at it. If you can get just out of the city area then I think it's a bit calmer.

Good luck
Kim

p.s. we've got to go through it all again soon as rent going up plus we fancy moving out a bit - not looking forward to it!
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Old Mar 19th 2008, 2:12 am
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Default Re: Melbourne rentals - what's the competition like at the minute?

Originally Posted by Irish Gal View Post
Hi @boy,
We've never had to rent so won't have any references from previous landlords etc. Have you found this to be a problem? I'm known as Monica at home (Cleaning freak from the TV show Friends) so how do I prove I'll look after the house??
Irish Gal
Can't help you there unfortunately. We bought 3 years ago. Getting a rental was not really an issue 5 years ago as far as I recall and we stayed in the same place until we left it after 2 years. Didn't seem to be any rental pressure then like there is now. All I remember from the time was that 12 month contracts seemed to be the norm.

Last edited by @boy; Mar 19th 2008 at 2:28 am.
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