Albert Park heads top 10 rental growth suburbs in Melbourne

Houses in Albert Park recorded some of the biggest increase in rents over the quarter for Melbourne, bucking the trend for city, according to Australian Property Monitor figures.

Across Melbourne rents remained unchanged for the quarter at $360 per week for houses and $350 for units, but some suburbs recorded strong rental growth.

Rents for houses in Albert Park rose 15.4% over the quarter to $785 per week.

The recently renovated house at 39 Dinsdale Street is on the market for $995 per week. It was last listed at $895 per week in July 2011, a rise of 11% over the period.

The house at 5 Boyd Street is offered for rent at $1500 per week. According to RP Data, it’s significantly higher than the 2008 rent of $995 per week but below the asking price earlier this year of $1,750 per week.

The house at 166 Danks Street is being offered for $800 per week. According to RP Data the asking rents have steadily increased by about $20 per year since 2007.

And the house at 12 Faussett Street recently sold for $1.26 million and is being offered for rent at $860 per week, a yield of 3.55%.

A number of popular suburbs rose sharply, according to the figures published by Fairfax.

Houses in Kew recorded a similar spike in rents, rising 12.6% over the quarter to $670.

Units in Springvale were third on the list of 10 top rental growth suburbs, with rents rising 11.8% over the quarter to $285.