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Thanks for your suggestions everyone- the place rented for $580 after an open that resulted in 3 applications. Number of people coming through was steady after the price drop. It works out to a 5% drop in where the market was 12 months ago so not too bad and the days on market was 4 weeks.

If you follow the media the rental market is holding up well. I just don't believe it from what I have seen. Rents are dropping - at least in Melbourne.

Thanks for the tips - I don't usually follow up people as I don't always take a phone number - but will do that from now on. A good suggestion. The place does have A/C, advert is ok on RE.com.au, and I have been opening up at various times. It is also listed on domain but I don't get any leads...

I have been an investor for 15 years and have 4 rental properties in Melbourne - all in "blue chip" suburbs. I must say this is the slowest rental market I have experienced in all those years. I have a 3 bedroom, well presented modern unit in Caulfield that is proving difficult to rent...