Melbourne's priciest rentals on the market for $250000 per year – Domain News

This post was originally published on this site

Only a select few walking among us can drop a quarter of one million dollars on rent for the year. 

But for the most cashed-up tenants out there — bank accounts presumably spotted with zeroes and commas — money is hardly an issue.  

For a cool $4000 per week, a small pool of people are renting sprawling mansions in the city’s most esteemed postcodes. 

Up for rent: 48-50 Hopetoun Road, ToorakUp for rent: 48-50 Hopetoun Road, Toorak Photo: RT Edgar Toorak

There are little more than a handful of ultra-luxurious rentals offered on the market at any one time, and they’re typically snapped up within a few weeks. 

“They’re as rare as hen’s teeth,” says Jonathon Boon from RT Edgar‘s office in Toorak. 

Multimillionaire corporate climbers, celebrities and wealthy divorcees are likely among those living in Melbourne’s big-ticket rentals. But mostly, they are deep-pocketed foreigners in town for work, according to Mr Boon.

Big-ticket rentals with tennis courts are few and far between.Big-ticket rentals with tennis courts are few and far between. Photo: RT Edgar Toorak

“They come from overseas, their company is paying for it,” Mr Boon says. “It’s a corporate market we’re talking about. 

“They’re not your average Joe.”   

Mr Boon is finalising the lease of a grand, seven-bedroom Toorak residence. A property developer is set to rent the magnificent estate at 48-50 Hopetoun Road for $3350 per week. 

The priciest rental currently on the market is 135-139 Walsh Street, South Yarra, advertised for $4000 per week.The priciest rental currently on the market is 135-139 Walsh Street, South Yarra, advertised for $4000 per week. Photo: Kay & Burton South Yarra

What sealed the deal? “It’s very hard to find anywhere with a tennis court,” Mr Boon says.

But this opulent home is not the most expensive rental currently on the market in Melbourne.

That crown belongs to an elegant mansion on Walsh Street in South Yarra.

Each room in the Walsh Street mansion boats an adjoining ensuite.Each room in the Walsh Street mansion boats an adjoining ensuite. Photo: Kay & Burton South Yarra

Boasting five bedrooms, three bathrooms, a marble kitchen and a pool, the newly-listed property is advertised for $4000 per week. Bond is an eye-watering $24,000.

Kay & Burton‘s Darren McMullin specialises in Melbourne’s high-end rental properties, and says there are places netting “well in excess of $6000” per week. 

With exorbitant sums of money on the table, it can be secretive business involving VIP movers and shakers from around the world.

Most luxury rentals in Melbourne are set on large blocks with a swimming pool.Most luxury rentals in Melbourne are set on large blocks with a swimming pool. Photo: Kay & Burton South Yarra

“A lot of the transactions aren’t made public,” Mr McMullin says. “The property doesn’t even hit the internet.”

His clients are private, high-net-worth individuals who are typically in town for at least a year.  

“Generally they’re longer term, not short term,” he says. “You might have a CEO from a major company relocated to Melbourne for a two or three-year contract.” 

Some top-end rentals come fully furnished, like this Toorak apartment advertised for $2500 per week.Some top-end rentals come fully furnished, like this Toorak apartment advertised for $2500 per week. Photo: Sotheby’s International Realty.

Melbourne certainly doesn’t take the title for the most expensive rentals in Australia. In Sydney, it’s not uncommon for beachside mansions to fetch in excess of $7000 per week. 

But it’s overseas where the ultra-luxury rental market has truly soared to new heights.

In New York, a penthouse apartment can come with a $27,000-a-month price tag.

Not for your average Joe indeed. 

Quarterly house price report