Upwey features among rental dead spots in Greater Melbourne

Rental availability is dire in parts of the Yarra Ranges. Picture: ON FILE

A number of Yarra Ranges postcodes are almost bare of rentals, according to MCG Quantity Surveyors’ latest data which reveals an acute shortage in rental listings across Australia.

Managing Director of MCG Quantity Surveyors Mike Mortlock said the December data paints a stark picture for the Australian rental market.

“Regions like Greater Melbourne and Greater Brisbane, which traditionally have robust rental markets, are showing an alarming decrease in rental listings,” he said.

“This scarcity, though a hardship for renters, presents a unique opportunity for investors, especially with the potential shift in interest rates in 2024.”

In the Yarra Ranges, both Upwey and Montrose had only one rental property advertised in December, while only having 147 and 107 private rentals in their postcodes respectively.

Two Upper Yarra postcodes, 3139 (Seville East, Wandin East, Hoddles Creek, Yellingbo, Wandin North, Launching Place, Woori Yallock, Seville, Don Valley, Wandin North – 245 private rentals total) and 3797 (Yarra Junction, Powelltown, Gladysdale, Three Bridges – 106 rentals total) each only had three rental properties listed in December, despite the abundance of townships that fall within.