THE heat may have come out of the top end of the property market, but demand for bluechip rental properties is sizzling. There seems to be no shortage of Victorians willing to pay more than $15,000 a week for the privilege of spending time in someone else’s holiday house.
Less than 40 years ago that amount of money would have been enough to buy the median Melbourne house outright, with enough change to buy a new family car to park in its garage.
The market for long-term rentals at the top end of Melbourne’s residential market is equally healthy, with agents reporting properties being rented for as much as $5000 a week.
In Victoria’s favourite playgrounds of the rich — Portsea and Sorrento — fivefigure sums regularly change hands between holidaymakers wanting the ultimate getaway and owners wanting to recoup some of the cost of owning a holiday house.
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