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Vacancy Rates Tighten

PPG_Blog_April_image 5_rental market update

Latest rental market figures show a decrease in the number of vacant rental homes across Victoria. At the end of March the Real Estate Institute of Victoria (REIV) figures put the Melbourne vacancy rate at 2.8%, down from 3.6% in January.

As a result of the lower vacancy rates in the first quarter of this year, the weekly median asking rent has increased from$381 to $395 for a house.

The most significant reduction in vacancy rates was in the inner city where the rate dropped from 3.8% to 2.9% and the median house rent rose 3.7%. Greater stability was found in the outer suburbs where the vacancy rate only fell from 2.6% to 2.3%. And the median rent remained at around $340 per week.

In regional Victoria, the vacancy rate decreased from 3.6% to 3.3% whilst the median stayed at $300 each week. Of the three main regional centres, the greatest number of vacancies can be found in Geelong where the rate actually rose from 2.9% in January to 4% in March. In Ballarat the vacancy rate dropped from 3.6% to 2.4% and in Bendigo it decreased from 3.6% to 2.8%.

The vacancy rate corrections experienced across the state so far this year do not really alter the opinion that our rental market remains in a fairly balanced position.

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