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Melbourne’s vacancy rate in July this year has tightened as a result of a reduced number of vacant homes in the middle and outer suburbs, according to the Real Estate Institute of Victoria’s (REIV) July market update.
The report has revealed that Melbourne’s vacancy rate fell from 3.4 per cent in June to 3.2 per cent in July 2013.
“While the latest month’s figures show that Melbourne’s vacancy rate has fallen slightly, it is still higher than a year ago as more supply has entered the market,” said REIV CEO Enzo Raimondo.
“This is particularly evident in the inner suburbs. It is a different situation for the regional areas, which have tightened over the year - although from a higher base.”
The report revealed weekly rent for a house had remained relatively stable at $380 from $381 in June, and had also remained stable from this time last year.
The weekly rent for a unit increased from $375 to $380, reflecting a six per cent increase from last year.
The vacancy rate in the inner suburbs increased from 3.3 per cent to 3.7 per cent, making it the highest vacancy rate in the metropolitan area.
The vacancy rate for the middle suburbs decreased from 3.6 per cent to three per cent, while the vacancy rate for the outer suburbs fell from 2.9 per cent to 1.9 per cent.
While the overall weekly house rent in Melbourne remained stable, there was a 4.2 per cent reduction in the middle suburbs to $375, and a 3.6 per cent increase in the inner suburbs to $520.
The increase in the weekly unit rents in Melbourne this month was largely due to an increase in the outer suburbs from $301 to $305.
The vacancy rate in regional Victoria tightened further from 3.7 per cent to 3.4 per cent, with declines in all three key regional centres. Ballarat recorded the largest reduction in the vacancy rate from four per cent to 2.9 per cent.
The vacancy rate fell in Bendigo from 3.1 per cent to 2.5 per cent and in Geelong from 5.5 per cent to 5.2 per cent. This tightening in the vacancy rate led to the weekly house and unit rents increasing from $295 to $300 and from $228 to $250 respectively.
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