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For Australian property investors

While everyone waits for Melbourne prices to move, rents have already jumped 54%. We’re buying high-yield units off-market and below comparables before the rest of the market catches on.

I’ve spent 18 years investing and developing, and built a portfolio that now pays a six-figure passive income. I buy for clients using the exact criteria I use for myself, and many of our best buys never reach the portals.

With a 20% deposit on interest-only, holding costs are typically under $50 a week.Before tax. Depends on purchase price, rent and interest rate.

Book your free discovery call ★★★★★ 5-star Google reviews
18 yearsInvesting and developing
6 figuresPassive income from my own portfolio
6–8%Gross yield target on every purchase
5.0★Rated by clients on Google

The setup

What most investors are about to miss

Property markets move in cycles: long flat periods, then sharp runs. The runs start when supply dries up, people keep arriving and rents start climbing. That’s Melbourne right now, while values are still flat.

−61%

Supply has collapsed.

Victoria completed 18,650 apartments in 2017. In 2025 it was 7,350. Approvals are down 62% on the 2016 boom, so there’s no wave of new stock coming.

Victorian apartment completions

0 10k 15k 18,650 2017 7,350 2025 −61%

ABS Building Activity: private apartments in buildings of four or more storeys, Victoria. ABS Building Approvals: national apartment approvals, July–August 2025 vs 2016.

$568k

That’s what a new apartment costs to build. Before land.

New apartments now cost about $93,000 more to build than a house. Our clients are typically buying established units for $300k–$400k, well under what it would cost to replace them. That gap is your margin of safety.

Average cost to build a new apartment, Australia (excluding land)

Green band: what our clients typically pay ($300k–$400k)

$240k 2004–05 $358k 2018–19 ~$568k 2024–25

ABS Characteristics of New Residential Dwellings (2004–05, 2018–19); ABS Building Activity 2024–25 (average new house $474,939; apartments ~$93,000 higher).

+54%

Rents are already moving.

Melbourne’s median unit rent has gone from $390 a week in March 2022 to $600 today. Vacancy sits at 1.2%. Yield is what makes this strategy repeatable, and yield is climbing.

Melbourne median unit rent, per week

$350 $425 $500 $575 $390 $425 $550 $600 Mar 22 Sep 22 Mar 24 Jun 26

Domain Rent Reports, median asking unit rent, Melbourne. Vacancy: Cotality, May 2026. Rents can rise or fall.

+105,030

People added to Melbourne in 2024–25, more than any other Australian capital.

−0.2%

Change in Melbourne unit values over the year to June 2026, while rents kept rising.

1.2%

Melbourne rental vacancy rate, May 2026, down from 1.5% a year earlier.

ABS Regional Population 2024–25 (March 2026); Cotality via OpenAgent (June 2026) and Jellis Craig (May 2026).

Book your free discovery call See how the strategy fits your numbers.

The precedent

We’ve seen this before. We were buying in Perth.

A few years ago Perth had the same setup Melbourne has now: high yields, tight supply, people moving in and nobody talking about it. We were buying there before it ran, and every one of our Perth purchases has more than doubled. Perth unit values rose 27.8% in the year to May 2026 alone. Melbourne is running the same numbers, just a few years behind.

Unit purchased in Victoria Park, WA

Victoria Park, WA

Purchased 2023 · Rent $470 a week

Purchase price$221,000
Current valuation$450,000
Equity created in about three years+103.6%
  • Our Perth purchases all doubledBought before the run, using the same criteria we use in Melbourne today.
  • High yield going inVictoria Park returned 11% gross on the purchase price.
  • Supply was tightPerth listings were sitting around 45% below average.
  • Bought before the hypePerth’s annual growth hit 24.5% in 2024, after we bought.
  • Melbourne todaySame ingredients: collapsing supply, rising rents, flat values.

Perth data: Cotality via Smart Property Investment (May 2026), API Magazine (September 2025), Shepparton News (August 2024). Past performance is not a guide to future performance.

The buy box

What we actually buy

The 1960s to 1980s blocks were built solid, they don’t carry the lifts, pools and basements that push OC fees up, and they can’t be replaced anywhere near today’s prices.

They aren’t flashy. They’re cheap to hold, and every one has to meet the criteria.

  • 1960s–1980s buildsEstablished, well-built stock in proven locations.
  • Small complexesFewer owners, simpler OC, fewer surprises.
  • OC fees $2–3k a yearLow fees are what keep holding costs low.
  • 6–8% gross yieldRent does the heavy lifting, not negative gearing.
  • Under replacement costBought for less than it would cost to build the same unit new today.
  • Off-market accessMany of our buys are secured before they hit the portals.
  • Melbourne metroGood suburbs, bought when there’s no hype.
Book your free discovery call A tailored strategy built around your numbers.

Client purchases

Real deals. Real numbers.

Recent Melbourne buys for our clients, each one under its comparables.

Unit purchased in Glen Iris2026

Glen Iris

Purchase price
$273,500
Comparables
$320,000
Weekly rent
$450 p/w
Equity
+17.0%
Rental yield8.6%
Unit purchased in Richmond2026

Richmond

Purchase price
$310,000
Comparables
$350,000
Weekly rent
$495 p/w
Equity
+12.9%
Rental yield8.3%
Unit purchased in Elwood2026

Elwood

Purchase price
$306,000
Comparables
$350,000
Weekly rent
$480 p/w
Equity
+14.4%
Rental yield8.2%
Unit purchased in Elsternwick2026

Elsternwick

Purchase price
$290,000
Comparables
$350,000
Weekly rent
$420 p/w
Equity
+20.7%
Rental yield7.5%
Unit purchased in South Yarra2026

South Yarra

Purchase price
$325,000
Comparables
$360,000
Weekly rent
$460 p/w
Equity
+10.8%
Rental yield7.4%
Unit purchased in Hawthorn2026

Hawthorn

Purchase price
$330,000
Comparables
$365,000
Weekly rent
$465 p/w
Equity
+10.6%
Rental yield7.3%
Unit purchased in Elwood2026

Elwood

Purchase price
$357,000
Comparables
$400,000
Weekly rent
$500 p/w
Equity
+12.0%
Rental yield7.2%
Unit purchased in Murrumbeena2025

Murrumbeena

Purchase price
$335,000
Comparables
$375,000
Weekly rent
$420 p/w
Equity
+12.0%
Rental yield6.5%

Comparables are based on recent comparable sales at the time of purchase. Rental yield is gross (annual rent ÷ purchase price).

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What clients say

Verified Google reviews

5.0★★★★★Google reviews
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Meet Rob

I don’t just advise on this strategy. I own it.

I started out as a bricklayer, working 10-hour days, six days a week. That’s where I learned how buildings go together, and which ones last.

From there I moved into development and ran the numbers on real projects. Over 18 years of investing and developing, I’ve built a portfolio that now pays a six-figure passive income, using the same criteria on this page.

Fallon Buyers Agency is how I do the same for other investors. I review the contract, Section 32 and OC records on every property, and if I wouldn’t buy it myself, I won’t put it in front of you.

  1. BricklayerLearning how buildings are made
  2. DeveloperRunning the numbers on real projects
  3. Buyers agentBuying for investors with the same criteria

The process

The property is the last decision we make, not the first.

  1. Discovery call

    Your position, borrowing power, goals and timeline, and whether this strategy suits you.

  2. Search

    I source on and off-market units that fit the buy box and your budget.

  3. Due diligence

    Contract and Section 32 review, OC records, building and pest, and a rent appraisal.

  4. Negotiate and settle

    I negotiate the price, manage it through to settlement and help line up a property manager and tenant.

Your next move

Book your free discovery call

We’ll go through your numbers, what you can buy, and the off-market units that fit. If the strategy isn’t right for you, I’ll tell you.

0459 310 749 [email protected] fallonbuyersagency.com.au

The information on this page is general in nature and doesn’t take into account your objectives, financial situation or needs. It isn’t financial, investment, tax, credit or legal advice. Past results, including the purchases shown, are not a guide to future performance. Holding cost estimates assume a 20% deposit and an interest-only loan, are before tax, and depend on purchase price, rent, interest rates and individual circumstances. Rental yields, comparables, valuations and equity figures are estimates. Property values and rents can fall as well as rise. Market data is sourced from third parties and may change. Consider seeking independent professional advice before making any property or investment decision.

© 2026 Fallon Buyers Agency. All rights reserved.