Powered by MOMENTUM MEDIA
realestatebusiness logo
Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

rpm logo latest

No financial break for Victorian renters

01 December 2019 Lyall Russell
Leah Calnan

Vacancy rates remain low in Victoria, triggering rental prices to grow.

The average rental price across Melbourne has increased by $10 in the last year, as the Victorian capital has a vacancy rate of 2.2 per cent.

The shortage in rental stock means renters are paying a premium for their homes, creating an urgent need for more rental accommodation across the state, REIV president Leah Calnan said.

“Healthy vacancy rates should be around 4 per cent, most of the state is sitting at 1 or 2 per cent, increasing demand has led to rental price climbing,” Ms Calnan said.

Advertisement
Advertisement

“Our members have reported to us that many homes have been sold or are being kept off the market, leading to a surge in housing demand.

“With competition for housing at a high, many families are struggling to put a roof over their heads, which puts a lot of pressure on local welfare groups.”

Ms Calnan wants to see the state government work with landlords to encourage them to rent their investment homes.

“New rental homes are being leased out in record time; therefore, more owners should be encouraged to put their property on the rental market,” she said.

“With rising rents and increased demand, now is a great time to rent out your investment property.”

No financial break for Victorian renters
Leah Calnan REIV reb
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.