The eastern Melbourne suburbs where rents have risen up to 60 per cent in five years

Bayswater, Clayton and Glen Waverley are among the suburbs which saw the most significant increases in median rents over the past five years.

Matthew Sims
February 20, 2025

Bayswater renters are paying nearly 60 per cent more than they were four-and-a-half years ago, according to new median rental data from CoreLogic.

The Homes Victoria September 2024 quarterly Rental Report showed Bayswater renters bore among the most significant increases across Melbourne, with median rentals jumping from $228 in March 2020 to $363 in September 2024, representing a 59.2 percent rise.

In Clayton the median rental rise was 41.9 percent, from $310 in September 2019 to $440 in September 2024.

In Glen Waverley/Mulgrave median rent rose by 35.1 percent over a five-year period, from $370 in September 2019 to $500 in September 2024.

Will Glen Waverley's property values go up or down in the next five years?

Glen Waverley's property market continues to command some of Melbourne's highest prices. But as interest rates and economic uncertainty loom over the market, what's next for this eastern suburbs stronghold?

🏡 How has the broader Melbourne property market been lately?

Across Melbourne rents increased by 4.1 percent in 2024, compared to a national figure of 4.8 per cent.

Housing prices throughout Melbourne fell by three per cent over 2024, representing a 6.6 per cent drop since a record high in March 2022.

Nine out of every 10 suburbs in Melbourne recorded a quarterly decline in house prices from October to December 2024.

Melbourne house prices are falling as the market cools down

Those looking to buy or rent a new home are increasingly in a stronger position amid declining prices in major markets and forecast for further slides.

The Greens’ goal to decrease housing stress

Greens candidate for Casey, Merran Blair, said 34 per cent of renters in the electorate were experiencing housing stress – paying more than a third of their weekly income in rent.

“The great Australian dream of owning our own home is getting further and further away for so many people, including myself,” she told the Eastern Melburnian.

“Analysis by the Parliamentary Budgetary Office shows that if rents continue to rise at the same rate that they did in 2022-23, it will take the average renter 65.6 years to save a deposit for a home.

“Safe and affordable housing is a human right, and a rent freeze and cap on rent increases would provide housing security for many people in Casey.”

An Independent perspective on housing

Independent candidate for Casey, Claire Ferres Miles, said the key to solving the current housing crisis was to provide more diverse housing options for people in all stages of life.

“Casey does not have the quantity and diversity of housing choices for every stage of life,” she said. “My 23-year-old daughter can't afford to buy a house, with the options very limited - either a knock-down fixer upper, a former drug den, a unit with damp, or it's too expensive.

“The people of Casey love living where we live and want to stay here throughout all the different stages of life from being a kid, becoming a young person, studying, falling in love, finding a home to live in, working hard, raising a family, having fun, community volunteering, retiring, being a grey nomad and then getting the care when you need it most to live and die well.”

💲Coalition proposes super access to boost savings

Liberal Casey MP, Aaron Violi, said part of the Coalition’s plan if elected into government in the upcoming federal election was allowing Australians to access $50,000 of their super to buy their first home.

“The money initially withdrawn from super will need to be returned when the house is sold to support retirement,” he said. “Australians need homes now.”

Image Credit: Fabian Blank/Unsplash