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The rental vacancy rates in regional Victoria have fallen again, creating an increasingly tight market, says new data from REIV.
The rental vacancy rate is now at 1.7 per cent in regional Victoria, which is even tighter than Melbourne where an influx of new apartments has kept the rate steady at 2.0 per cent.
The availability outside of the capital is now approximately half that of five years ago, which has led to an increase in the value of median weekly rents that now sits at $315.
Over the last 12 months, median rents across regional Victoria for four-bedroom and two-bedroom houses have risen by 4.2 per cent and 2.0 per cent.
However, there have not been rises in other dwelling classifications in that time.
Landlords are receiving favourable yields of between 4.1 per cent and 4.18 per cent, which are only slightly lower than the 5.0 per cent yields that are found in inner Melbourne.
There are still some areas like Moe, Kyabram and Benalla where two-bedroom units have rents below $200; in Geelong and Torquay, rents are nearly double that value, at $393 and $360, respectively.
Three-bedroom houses in Kyabram, Stawell, Churchill, Merbein and Morwell are still below $250 a week, while areas like Jan Juc, Torquay and Barwon Heads have rents above $450.
Gisborne in the Macedon Ranges is the only location outside the Surf Coast and Greater Geelong in the top 16 median weekly rentals, indicative of the increasing popularity of Victoria’s second city.
Sale prices in regional Victoria have also been steadily rising over the past few years, with a 1.8 per cent increase in the last quarter.
Two-bedroom homes have a median sale price of $275,000 and four-bedroom houses are sitting at around $480,000.
This is in stark contrast to Melbourne where two-bedroom houses have a median sale price of $900,000 while four-bedroom houses are cheaper than two-bedrooms with a selling price of $865,000.
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