Hi arriety,
From a design perspective (and my personal opinion), your average Colourbond fence is an eyesore - particularly if it is running across the property in front of the house (parallel to the road) - not just side fences Ie:
However, you might find an aluminium slatted fence will do the trick. Less maintenance than a timber fence and looks fantastic. Ie:
(does not necessarily need to have rendered posts between).
It does depend of course on the value of your property/location etc.. as to how much you should reasonably spend on your fence. Remember that the fence is the FIRST thing people see. From an adding value perspective, a great looking fence is essential and worth spending a bit extra on.
If you just want it to enclose the property regardless of looks or 'value-add' consideration (though I would never recommend that!), then the top fence might be quite suitable.
Tenants might not care what sort of fence you have, but if you're looking to add value to the property, then I would consider carefully what you do.
Good luck and I hope my 5 cents worth helps!