Affordable Seaside Living

The Age

Saturday August 9, 2008

Susannah Petty

Cheap rentals are still a reality in Rosebud, writes Susannah Petty.

CHEAP rentals aren't common right now. In the Mornington Peninsula town of Rosebud, however, they're still a reality.

Agents in the seaside locale say basic beach houses still list for as little as $200 a week, while some units - within a walk of the shops and bay beaches - can be found for $180 a week.

Furthermore, for those with good references, it appears to be easy to lock in a lease quickly.

"(The stock issue) is a hard one," says Ray White's Rachel Dickinson. "I think there's enough properties to meet the demand. At the moment we've got five on our books; it's just trying to find the right tenants."

Ian Miscamble, of Norris First National, makes a similar point. He says Rosebud is moving through a "glut" of rental properties - which itself was partly generated by a lift in rental prices that was unsustainable.

"There was a shortfall where you just couldn't rent anything - prices were just too high," Mr Miscamble says. "Although there's money there, it's not an overly affluent area in terms of who lives here. There's a lot of pensioners."

While there is a suggestion Rosebud's rental prices have inched northwards, it seems some landlords' expectations simply moved beyond the point of local affordability.

"Unfortunately, a lot of the landlords think that because their homes in Fitzroy have gone up 50% that their properties in Rosebud are going to go up the same, and that's just not the case," says Ms Dickinson.

"It's a low-economic society down here and they just can't afford it."

The agents say many of Rosebud's rentals go to those on government benefits. Others are picked up by people who have bought in the area and are waiting for their houses to be built.

Ms Dickinson says there is also a section of the rental market that goes to seasonal workers, often on leases of just six months.

"There's a lot of people in hospitality who might need something for six months over the summer period," she says.

Structurally, most of Rosebud's properties are basic. Two and three-bedroom weatherboards are common and often the interiors are dated.

Some new development is edging in, including groups of townhouses along Point Nepean Road, opposite the beach.

Ms Dickinson says these let for $350-$400 a week.

Mr Miscamble makes the point that there is a degree of "old money" in Rosebud that means architecturally designed properties are apparent among the more simple stock.

But on the whole, he agrees that as a rental spot Rosebud is one of the cheapest hubs on the southern end of the peninsula.

© 2008 The Age

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