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Rental market update

PPG_Blog_July_image 5_rental market update

The vacancy rate in Melbourne remained stable at 2.8 per cent for the fourth consecutive month in June 2014 with all sub-regions remaining stable. The vacancy rate is lower than the 3.1 per cent recorded in June 2013. Median house rents in Melbourne increased in June but fell for units.

The vacancy rate in the inner suburbs remained stable at 2.9 per cent for the third consecutive month although there were fewer vacant properties in the CBD and central (0-4km) region. Compared to the previous year, the vacancy rate has tightened from 3.1 per cent.

The vacancy rate in the middle suburbs remained stable at 2.9 per cent in June 2014 but has tightened since a year ago when the vacancy rate was 3.4 per cent.

The outer suburbs continue to have the tightest vacancy rate of all the regions at two per cent in June 2014, stable from the previous month. There was, however, an increase in vacancy in the Mornington Peninsula in June 2014. The vacancy rate remains lower than 12 months ago when the vacancy rate was 2.5 per cent.

The vacancy rate in regional Victoria remained stable for the third consecutive month at 2.5 per cent in June 2014. It has tightened considerably from 3.5 per cent a year ago. The vacancy rate in Geelong remained stable at 4.3 per cent, fellin Bendigo to 2.3 per cent, and increased in Ballarat to 2.5 per cent.

The median rent for houses increased in Melbourne but it fell for units in June 2014. The median rent for houses increased by 2.5 per cent to $400 per week while it fell by 1.8 per cent to $381 per week for units. Median rents for both houses and units decreased over the month in regional Victoria.

Information courtesy of the REIV.

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