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Rental Market Update

PPG_blog_november_image 8_rental market update

The Real Estate Institute of Victoria recently collated their latest data regarding the status of our rental market. Here is a summary of those facts and figures:

Metropolitan Rental Market

The vacancy rate across metropolitan Melbourne was largely stable during the September quarter, increasing from 1.9% in the month of July to 2% in September. Over the same time the median rent for a house reduced from $380 per week to $371.

The highest level of vacancies was found in the inner suburbs (those within 4km of the CBD) where the rate increased from 2.3% in July to 2.6% in September. The middle suburbs showed a small easing from 2 to 2.1% and conditions eased for renters in the outer suburbs where the rate increased from 1 to 1.6%.

Regional Rental Market

After a period of recorded very low levels of rental vacancies the market has eased for renters in regional Victoria. Whilst the rate dropped from 2.9 to 2% it is much higher than the 1.6% recorded a year ago.

Of the three main regional centres the highest level of vacancies was recorded in Geelong where the vacancy rate was 3.5% in September. In Bendigo it remained very tight with 0.9% of rental homes vacant and in Ballarat 1.3% was recorded. Median rents for houses rose slightly over the quarter from $290 per week in July to $295 per week in September.

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