Property prices for rent in East Melbourne (Victoria)
The rent prices in real estate in East Melbourne, in the Victoria region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per m² in East Melbourne has had a strong fall during the last 6 months. In October, the average price per m² was $1.39. In November this price barely changed remaining at $1.44 per m². The price for the following two months in (December, January) had a considerable fall of 71 with regard to the previous two months. The price per m² has had a considerable fall of 83 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of $1.21 to $1 during February, and March.
When referring to the price in East Melbourne (suburbs), there have hardly been any changes in the last 6 months. In our first sample month during October, the average price is $753. In November This price remains at $749. In the following two months the average price has hardly changed with regard to the previous two months from $751 to $783. During the last two months, the average price has barely gone through any changes with regard to the previous average values going from an average value of $767 and $769 between February and March.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of $755 they are 31 % more affordable than the average price for East Melbourne . The properties with the highest average price have 4 bedrooms, Their price is 65 % more expensive than the average. After that we have properties with 3 bedrooms priced at $1,187.
