Inner beauty valued
The Age
Saturday November 28, 2009
Young professionals love Williamstown's affordability, writes Susannah Petty. IT MAY be well and truly gentrified but Williamstown, in Melbourne's inner west, is still a place where affordable rentals can be found. Agents say the entry level is about $180 a week (for a small unit) while a decent two-bedroom house can be found from $290 a week.At the upper end, rentals can push beyond $1000 a week, although agents say these rentals are not the norm."People are getting more bang for their buck [than in the eastern suburbs] and a lifestyle change," says Lauren Smith of Sweeney Estate Agents.One of Melbourne's oldest maritime locales, Williamstown marries a traditional fishing village atmosphere with a contemporary and young vibe. The retail district around Nelson Place still has an old-world air but is far from sleepy, while dotted throughout the wide tree-lined streets are clusters of built townhouses and modernised beach shacks.Period style houses remain €” mostly workers' cottages and Californian bungalows €” and renovations have transformed a large swathe of the interiors.Pauline Senior of Barlow McEwan Tribe says Williamstown renters are often quite loyal to the area. "People who do rent in Williamstown tend to stay," she says. "You don't have a vacancy rate as such down here. If they love the property they stay for a few years rather than changing over year-to-year. It's very popular."Ms Senior says this is also true of landlords, many of whom hold on to the same investment property for years. "Often they've grown up here," she says.The agents say most renters are professionals, many with young families. The majority commute to the city which is just 20 minutes away by train.Ms Smith says the median price for Williamstown rentals is probably about $350 or $360 a week. "That's just for a standard, basic two-bedroom unit or a clean and tidy house close to transport, shops," she says. Ms Senior says new, three-bedroom townhouses are about $500 a week, while the area's more contemporary houses start from about $700 a week and include "air-conditioning, ducted heating, alarms, double garage, maybe two living areas and three bedrooms and a study".Ms Senior says supply is tight but Ms Smith notes that the market has recently "plateaued"."In the last three months a lot of investors have been looking at putting their properties on the market and January's going to be a massive month [for sales listings]," Ms Smith says.
© 2009 The Age
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