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Rental Wrap

PPG_Blog_June_image 6_rental wrap

Latest Real Estate Institute of Victoria rental data show a small contraction in the rental vacancy rate. The information also confirms a slight increase in median rent across Melbourne.

The vacancy rate tightened from 3.2% in April to 2.8% in May with an increase in the median weekly rent for a house from $382 to $390. These are slight variations given that the vacancy rate has been around 3% throughout this year and the median rent has also been around $390.

REIV experts have noted that from a medium term perspective there is no doubt that government policies designed to increase the supply of dwellings is having an impact with a persistently higher vacancy rate now being a regular feature.

Within the metropolitan area vacancies remain highest in the inner city. 3.9% of rental homes were vacant in May, compared to 4.4% in March. The middle suburbs remained stable at 3% whilst there was a contraction in the outer suburbs where the vacancy rate dropped from 2.8 to 2.2%.

The vacancy rate rose in regional Victoria from 3.3 to 4.1% with the most significant change being in Geelong where the vacancy rate rose from 4.4 to 6.7%. In Bendigo the vacancy rate remained stable at 3.1% and it rose in Ballarat from 2.2 to 2.7%. Median rents again remained stable in regional hubs.

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