You can currently expect to achieve between $550 and $650 per week for a 4-bedroom home in Officer or Pakenham, though the exact figure depends heavily on the property’s condition and location. Rental demand remains firm across Melbourne’s South East, and vacancy rates are tight.
Officer Rental Rates
In Officer, 4-bedroom homes are currently renting for between $570 and $650 per week. Modern, well-presented homes in good streets are achieving rents at the higher end of this range.
Pakenham Rental Rates
Pakenham 4-bedroom homes are achieving between $550 and $630 per week. As with Officer, presentation and location are key factors influencing rental income.
Rent Increases and Market Timing
Under Victorian law, rent can only be increased once every 12 months. If you haven’t reviewed your rental income in the past year, your property is likely under market value.
The honest reality
Two recent rate rises have pushed some would-be buyers back into renting, tightening the rental market further. However, it’s important to remember that Victorian law restricts rent increases to once per year, meaning you may be leaving money on the table if you haven’t reviewed your rent recently.
Questions to consider
- What is the current condition of my property compared to other rentals in the area?
- How does my property’s location compare to school zones and local amenities?
- When was the last time I reviewed and adjusted the rental income for my property?
Talk to KR Peters for a straight-talking appraisal with no obligation.
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Market information is general in nature and reflects conditions
at the time of publication. For advice specific to your property,
contact KR Peters.