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Rental Market update

PPG_Blog_Jan_image 4_rental market update

Metropolitan Melbourne

The latest Real Estate Institute of Victoria (REIV) data for the Melbourne rental market shows that the number of vacant properties in the metropolitan area increased 30 basis points in the last quarter of 2015.

The vacancy rate has remained stable throughout most of 2015 at 2.8%. In November and December it increased incrementally to finish the year at 3.1%. The city’s outer suburbs finished with the tightest rate at 2.2 per cent.

At the end of 2015, the weekly median rent for houses in metropolitan Melbourne increased slightly to $410 from $400 a week. The weekly median rent for units remained stable at $395 a week.

This chart provides a more detailed breakdown of the vacancy rate by Melbourne’s inner, middle and outer suburbs:

Dec

Nov

Oct

Sep

Aug

Jul

MELBOURNE

2015

2015

2015

2015

2015

2015

INNER TOTAL

2.8

2.8

2.9

2.8

2.8

2.8

INNER (0-4KM)

3.7

3.9

3.7

3.8

3.6

3.5

INNER (4-10KM)

2.7

2.5

2.7

2.6

2.7

2.6

MIDDLE (10-20KM)*

4.0

3.8

3.7

3.4

3.4

3.3

OUTER TOTAL

2.1

2.2

1.9

1.9

1.9

2.0

OUTER (20+KM EXC. MORNINGTON PENINSULA)

2.1

2.2

1.9

1.9

1.8

1.9

OUTER (MORNINGTON PENINSULA)*

2.4

1.9

2.2

3.2

3.8

3.8

MELBOURNE TOTAL

3.1

3.0

3.0

2.9

2.9

2.9

Regional Victoria

In regional Victoria, the weekly median rent concluded the year at $290 per week, a 4.9% decrease from its November median of $305, while the median rent for units in regional Victoria rose 4.2 per cent to $250.

Bendigo was the main growth driver for regional Victoria in November with the weekly median rent for houses up 9.1 per cent to $300 following a dip in median rents in October. Ballarat also had an increase in weekly median rents, up 5.4 per cent to $295 a week. The highest growth in weekly median rents for units was Geelong, increasing 4.5 per cent to $293. This was followed by Bendigo, where the median rent for units rose 4.2 per cent to $250 a week.

Information courtesy of the Real estate Institute of Victoria

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