Renting: Try before you buy

The old rule of ‘try before you buy’ still stands for a lot of potential buyers seeking a rental property to test the new lifestyle first.

Since the global pandemic, there has been significant demand for rental properties with people wanting to leave the city, in search of a lifestyle change. Affordability is also one of the many reasons people come to Kyneton from the city, second to living in a tight knit community.

This year we have seen a strong local market with 70% of sales coming from Macedon Ranges-based buyers. These buyers are coming in to town to downsize from acreage, or are families who purchased their first home here and are now looking to upsize for more space for the kids or a bigger garden to grow their own produce.

It’s a landlord’s market right now in Kyneton. We have seen an increase in demand for rental properties from people wanting to move to the region from Melbourne, with the plan to rent first to find out if they enjoy the location and lifestyle before committing to a purchase.

We have been receiving a lot of interest from Melbourne tenants, even though there are travel restrictions in place. A lot of these potential tenants are signing on to lease properties that they haven’t physically seen.

With a shortage of rental properties available, we are seeing strong competition in the Macedon Ranges with the vacancy rate sitting at just 0.7%. Rental properties located close to schools or in the heart of town are the most popular.

The majority of renters stay on to live here permanently. If they can make the move work for them, then they will stay. With working from home an option now for many, we will see this continued increase in demand.

The advantage of renting in Kyneton first, is being able to establish friendships and relationships with likeminded people. Kyneton has a strong community, that is based first on lifestyle. We have seen couples move here, start their families and then retired grandparents follow. This is why Kyneton has become such a hot spot for real estate, because we love living here.

Are you looking to rent, sell, upsize or downsize? Contact me at jenniferpearce.com.au and I can help guide you along the property path.