Melbourne suburbs where the most people are moving, and rents have increased most

Melbourne’s most moved-to suburbs have been revealed, as returning migration continues to heap pressure on an already stressed rental market.

Fitzroy North and Clifton Hill are popular for their culture and proximity to the city. Picture: Jason Edwards

Melbourne’s most moved-to suburbs have been revealed, as returning migration continues to heap pressure on an already stressed rental market.

The CBD’s median unit rent soared 42 per cent to $540 in the past year, according to PropTrack, while it also became the suburb the most are looking to make their home.

This is according to data from removalist portal Muval, which shows Melbourne 3000 climbed from No. 3 to No. 1 to start 2023, followed by Richmond 3121, and Prahran and Windsor 3181.

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Carlton is back in vogue as students return. Picture: NCA NewsWire / David Geraghty

Melbourne was the most popular city to move to in 2022, and remained number one in January, with 28 per cent of major metro inbound inquiries, followed by Brisbane (22 per cent) and Sydney and Perth (17 per cent), according to the comparison and bookings website.

Muval chief commercial officer Adam Coward said the inner city was “absolutely ruling in Melbourne” and there was a trend of returning migration wanting that lifestyle.

It comes with rents soaring over the past year, as returning migration from within Victoria, interstate and internationally hits Melbourne in the post-lockdown era.

Behind the CBD, unit rents increased most in Carlton (30 per cent) to $455, West Melbourne (30 per cent) to $500, and Docklands (25 per cent) to $565.

Melbourne 3000 is the most moved-to suburb. Picture: Visit Victoria

PropTrack economist Anne Flaherty said rent rises had been across the board but suburbs close to universities and in inner city areas had “very strong growth”, with Melbourne and Carlton “well above pre-Covid levels” after a dip throughout the lockdown years.

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“We think rents are going to continue rising. There is a significant undersupply of rental properties, vacancy rates are very low, population is growing again, those factors combined mean competition for rental properties is going to stay very, very strong,” she said.

Danny Quinn and Jess Ranisch have moved to a Fitzroy North apartment from Brisbane with their two cats, Charlie and Mary.

“For us, it was definitely bit of a lifestyle thing,” Mr Quinn said.

“We’ve always loved Melbourne whenever we visited here, it’s the big cultural capital of Australia, which was always a big selling point for us.”

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WHERE PEOPLE ARE MOVING IN MELBOURNE

January 2023 Rank, POSTCODE/SUBURB, NOV 22 POS, JAN 22 POS.

1. 3000, Melbourne, #3, #3 (↑2)

2. 3121 Richmond, #15, #1 (↓1)

3. 3181, Prahran & Windsor, #7, #6 (↑3)

4. 3073, Reservoir, #1, #20 ++ (↑)

5. 3051, North Melbourne, #20++, #20++ (↑)

6. 3006, Southbank, #20++, #9 (↑3)

7. 3029, Tarneit, Truganina & Hoppers Crossing, #8, #20 ++ (↑)

8. 3141, South Yarra, #20++, #2 (↓6)

9. 3032, Maribyrnong & Ascot Vale, #20++, #13 (↑4)

10. 3068, Fitzroy North & Clifton Hill, #20++, #20++ (↑)

Source: Muval

CHANGE IN RENTS, UNITS

Suburb, Current median rental value, % change in median rental value

Melbourne, $540, 42%

Carlton, $455, 30%

West Melbourne, $500, 30%

Lorne, $495, 25%

Docklands, $565, 25%

Travancore, $425, 22%

Southbank, $550, 22%

North Bendigo, $365, 20%

Morwell, $260, 17%

Caulfield North, $475, 16%

CHANGE IN RENTS, HOUSES

Suburb, Current median rental value, % change in median rental value

Orbost, $340, 40%

Rochester, $455, 35%

Edenhope, $285, 28%

Mount Beauty, $425, 24%

Safety Beach, $675, 24%

Kalimna, $400, 24%

Heathcote, $400, 23%

Lakes Entrance, $395, 23%

Dimboola, $310, 23%

Tootgarook, $550, 23%

Source: PropTrack January-January.

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