Ensure you never miss an issue of the
real estate business bulletin
Melbourne vacancy rate falls: report

Melbourne vacancy rate falls: report

by Reporter 0 comments

Melbourne’s rental vacancy rate has fallen while its median rent has increased, according to the Real Estate Institute of Victoria’s (REIV) rental market statistics for May.

The figures showed that the vacancy rate had fallen from 3.2 per cent in April to 2.8 per cent in May, and weekly rents for a house had increased from $382 to $390.

According to the REIV, these were minor variations, given that the vacancy rate had been about three per cent throughout the year and the median rent had been around $390.

“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 high vacancy rate now being a regular feature,” a spokesperson said.

Vacancy rates remained high in the inner-city areas where 3.9 per cent of rental homes were vacant compared to 4.4 per cent last month.

The middle suburbs remained reasonably stable at three per cent and in the outer suburbs the vacancy rate dropped from 2.8 to 2.2 per cent.

“While rents remain broadly consistent, there is some pressure evident in the inner suburbs for three-bedroom houses and, more broadly, in the metropolitan area for one- or two-bedroom units. In each of these cases the median rents rose,” the spokesperson said.

The vacancy rate rose in regional Victoria from 3.3 to 4.1 per cent while median rent remained stable.

The most significant change was in Geelong where the vacancy rate rose from 4.4 to 6.7 per cent.

In Bendigo the vacancy rate remained stable at 3.1 per cent and it rose in Ballarat from 2.2 to 2.7 per cent.


Melbourne vacancy rate falls: report
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?