This huge six-bedroom family home at 13 Sorrel Court, South Morang was up for rent after it sold to an investor for $1 million.
A tenant snapped it up for $500 a week and has been living in the lap of luxury for two months.
Harcourts Rata & Company director Josh Allison sold the property and said large and luxurious homes were sought-after in the area.
“There is demand for premium rental properties in this price range,” Mr Allison said.
The tri-level house on an 855sq m block in the Hillcroft Estate features panoramic views, three bathrooms and four living areas, including a theatre room and an office.
Harcourts Rata & Company property manager Brooke Barron said the property had been leased for the long term.
“The tenant plans to live there for more than 12 months,” she said.
Ms Barron said the property was a rare offering on the rental market for its quality and size.
“Most properties listed for lease are three to four-bedroom homes,” she added.
There were a limited number of five-bedroom homes available for rent that ranged from $450 to $720 a week, according to Ms Barron.
Most properties across Whittlesea suburbs generated a rental income of about $500, she said.
Ms Barron said there were other homes on the agency’s rental roll that were located closer to the CBD, including Reservoir, that brought in about $600 to more than $700 a week.
There was no shortage of rental properties available in the City of Whittlesea, according to Ms Barron.
Units, townhouses and three to four-bedroom family homes located near transport, shops and schools were in demand, she added.
“It could take from two days to three weeks for a property to be snapped up by a tenant at an average cost of $350 to $400 a week,” she said.
SUBURB PROFILE: SOUTH MORANG
Some property owners came from across Melbourne and as far as regional Victoria and interstate, Ms Barron said.
“But most of our landlords live locally and near their investment properties, so they can keep an eye on them,” she said.
CoreLogic figures show the median asking rent for houses in South Morang is $380 a week with a gross rental yield of 3.6 per cent. Units generate a gross rental yield of 4.7 per cent and attract a rental income of $325 a week.