Surrey Hills Rental Market — 2026 Guide

Surrey Hills sits in Melbourne’s inner east — a suburb that runs refined, quiet, prestigious. Here’s what the numbers and the locals actually say about the property and rental situation.

Rental Prices — Surrey Hills 2026

Property Type	Weekly Rent	Monthly	Annual
1-bedroom unit	$546/wk	$2366/mo	$28,392/yr
2-bedroom unit	$720/wk	$3120/mo	$37,440/yr
3-bedroom house	$948/wk	$4108/mo	$49,296/yr

Rents in Surrey Hills have risen by 3-5% compared to 2025. The vacancy rate sits at 2.4%, which is moderate — you have some negotiating room.

Property Prices

Property Type	Median Price	12-Month Change
House	$1,530,846	+4.2%
Unit/Apartment	$733,039	+1.4%

Gross rental yield: 4.6% (units tend to yield higher than houses in Surrey Hills).

Who Lives Here

Surrey Hills attracts mostly families with some younger renters. The suburb is known for Surrey Hills local shops, community feel, suburban lifestyle.

Average resident profile:

Age: Predominantly 25-40
Household: Established families and downsizers
Income: Below metro average

Renting Tips for Surrey Hills

Apply fast. Good properties in Surrey Hills get 20-40 applications. Have your documents ready: 100 points of ID, recent payslips, rental history, references.
Inspect in person. Photos lie. Check water pressure, phone reception, natural light at the time of day you’d actually be home. Open the cupboards. Flush the toilet.
Look beyond Elm Drive. The main strip has more foot traffic but also more noise. One or two blocks back, you get the same proximity for less money.
Know your rights. Victorian tenancy law caps rent increases to once per 12 months. Your landlord must give 60 days notice. Urgent repairs must be addressed within 24 hours (blocked toilet, no hot water, gas leak).
Budget beyond rent. Factor in: utilities ($150-250/month), internet ($70-90/month), contents insurance ($15-25/month), and transport (Public transport options in Surrey Hills).

Investment Outlook

Surrey Hills is a mature market — don’t expect explosive growth, but it’s stable and liquid. The 4.6% gross yield is above the metro average.

Key factors:

Transport: Public transport options in Surrey Hills
Schools: Good public school zone
Infrastructure: Level crossing removal and station upgrades underway

Suburb Character & Lifestyle

Surrey Hills runs refined, quiet, prestigious. The main commercial strip along Elm Drive is where most of the daily life happens — cafes, restaurants, and essential services within walking distance for those who live close. The neighbourhood is known for Surrey Hills local shops, community feel, suburban lifestyle, which drives both rental demand and property values.

The housing stock is largely character homes on established streets with some newer townhouse developments. For renters, the most common options are 1-2 bedroom apartments in newer builds along the main road. For buyers, the entry point is typically a townhouse on a smaller block at the lower end of the market.

Transport reality: Public transport options in Surrey Hills. The commute to the CBD is realistic for daily workers, and most residents report using a combination of public transport, cycling, and driving depending on the trip.

Cost of Living Snapshot

Expense	Typical Cost
Coffee	$5.00-5.50
Brunch	$22-32
Dinner out	$35-55 pp
Pint of beer	$13-15
Cocktail	$22-28
Groceries	$137/wk (couple)
Utilities	$260/mo (1br)
Internet	$70-90/mo (NBN)

The Bigger Picture

Surrey Hills has seen consistent demand from owner-occupiers and investors alike, driven by lifestyle amenity and transport links. The suburb is refined, quiet, prestigious, which attracts professionals who value walkability and lifestyle.

5-year outlook: Potential uplift from transport infrastructure projects. The fundamentals — location, transport, lifestyle amenity — are solid.

What to watch: Transport upgrades will improve connectivity.

Nearby

Last updated: March 2026. Data sources: Domain, REA Group, SQM Research.

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