Melbourne median rent drops

Melbourne median rent drops

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Median rents in Melbourne have decreased while vacancy rates have eased, according to the Real Estate Institute of Victoria’s (REIV) latest rental market results.

Melbourne’s vacancy rate increased from 2.8 per cent in May to 3.4 per cent in June and there was a decrease in the weekly rent for a house from $390 to $381.

The REIV reported these were minor variations given that the vacancy rate had been around three per cent throughout the year, and the median rent had been around $380.

Within the metropolitan area vacancies remained the highest in the middle suburbs, where 3.6 per cent of rental homes were vacant compared to three per cent last month.

The vacancy rate for the inner and outer suburbs increased to 3.3 per cent and 2.9 per cent respectively, from 2.8 per cent and 2.2 per cent last month.

While overall median rents in Melbourne decreased this month, there was an increase in the weekly house rent for the middle suburbs, from $350 to $340.

The median weekly rent for units in Melbourne decreased from $380 to $375 in June, largely due to a decrease in the outer suburbs.

The vacancy rate in regional Victoria fell from 4.1 per cent to 3.7 per cent, with the most significant change being in Geelong, where the vacancy rate fell from 6.7 per cent to 5.5 per cent.

In Bendigo, the vacancy rate remained stable at 3.1 per cent while in Ballarat, it rose from 2.7 to four per cent. Median rents again remained stable in regional Victoria.

“Melbourne’s rental market has been pretty stable since the beginning of the year, with the vacancy rate bearing slightly between three and 3.5 per cent,” said REIV CEO Enzo Raimondo. “Likewise, median house rents have also been fairly stable across the market in general.”

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