City of MonashEconomic profile

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At June 2015, the City of Monash had a median house rental of $445, $45 higher than the median house rental for Greater Melbourne.

Housing valuation and rental data are a measure of the economic desirability of living in the local area. High and increasing rents are an indication of a strong economy and a desirable area, with access to jobs and services. Units are more commonly rented than houses, and renters tend to be younger than home owners on average. People may rent to be close to employment, entertainment and services, or they may rent while saving to buy a home.

Housing prices often factor in a home ownership premium, but rental costs are a more direct measure of the time-value of living in the area. Increases in rents often have a more direct relationship to employment and demand for housing.

Hometrack 2011-2016, Automated Valuation System

Rental listings
City of Monash20162013Change
Housing value (at June)City of MonashGreater MelbourneCity of Monash relative to Greater MelbourneCity of MonashGreater MelbourneCity of Monash relative to Greater Melbourne2013 to 2016
House--------------
First Quartile$390$350+11.4%$360$315+14.3%+$30
Median$445$400+11.3%$400$360+11.1%+$45
Third Quartile$510$500+2.0%$460$450+2.2%+$50
Median Rental Yield2.4%3.6%--3.3%4.4%----
Unit--------------
First Quartile$360$310+16.1%$340$290+17.2%+$20
Median$410$370+10.8%$390$340+14.7%+$20
Third Quartile$500$450+11.1%$470$410+14.6%+$30
Median Rental Yield3.8%4.3%--4.5%4.6%----

Source: Hometrack 2011-2016, Automated Valuation System.

Rental listings, 2016
Rental listings, 2016 Third Quartile, Greater Melbourne: $450 Median, Greater Melbourne: $370 First Quartile, Greater Melbourne: $310 Third Quartile, Greater Melbourne: $500 Median, Greater Melbourne: $400 First Quartile, Greater Melbourne: $350 Third Quartile, City of Monash: $500 Median, City of Monash: $410 First Quartile, City of Monash: $360 Third Quartile, City of Monash: $510 Median, City of Monash: $445 First Quartile, City of Monash: $390
Source: Hometrack 2011-2016, Automated Valuation System
Change in rental listings, 2013 to 2016
Change in rental listings, 2013 to 2016 Third Quartile, Greater Melbourne: $40 Median, Greater Melbourne: $30 First Quartile, Greater Melbourne: $20 Third Quartile, Greater Melbourne: $50 Median, Greater Melbourne: $40 First Quartile, Greater Melbourne: $35 Third Quartile, City of Monash: $30 Median, City of Monash: $20 First Quartile, City of Monash: $20 Third Quartile, City of Monash: $50 Median, City of Monash: $45 First Quartile, City of Monash: $30
Source: Hometrack 2011-2016, Automated Valuation System

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