The rent prices in real estate in 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 Melbourne has had a strong fall during the last 6 months. In October, the average price per m² was $9.31. In the following month the price per m² fell considerably to $4.89. The price for the following two months in (December, January) had a considerable rise of 194 %. The price per m² has had a considerable fall of 15 % 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 $10.44 to $1.52 during February, and March.
When referring to the price in Melbourne (suburbs), this has risen considerably in the last 6 months. In our first sample month during October, the average price is $833. In November This price remains at $828. During the following two months (December, January) the average price had a considerable rise of 193 % with regard to the previous two months. During the last two months the average price has fallen greatly compared to the previous four going from $1,216.75 to $674.5, which means a 55 % fall.
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 $671 they are 22 % more affordable than the average price for Melbourne . The properties with the highest average price have 4 bedrooms, Their price is 359 % more expensive than the average. After that we have properties with 3 bedrooms priced at $1,067.
With regard to the average price per m², those properties with 3 bedrooms are the most affordable ones at a cost of $1.23 / m², with an average $1.54 / m² price in Melbourne. The properties with the most expensive average prices have 4 bedrooms. They are 1773 % more expensive than the average followed by properties with 1 bedroom with a price at $1.7 / m².
The graph displaying the average rent prices displays the property type "Apartment" as the most affordable one. At an cost of $671 it is 8 % more affordable than the average price in Melbourne. "" is seen as the second most affordable property type. The most expensive property type is "Condo" followed by "Townhouse". At a price of $1,609 it is 2690 % more expensive than the average price.
According to the average cost per m², the most affordable property is "Apartment" at an average price of $1.49 / m² followed by "House" priced at $5.46 / m². "Condo" is the most expensive type of property with a $269.05 / m² value followed by "Townhouse" with an average price of $26 / m².