Melbourne rental vacancy rate drops

22-Apr-2010

The REIV has released its March rental vacancy rates survey showing that vacant rental properties remain difficult to find, with a recorded vacancy rate for Melbourne of 1.5 per cent compared to 1.7 per cent in February.

REIV CEO Enzo Raimondo said that the easiest suburbs in which to find a rental home in Melbourne are within four km of the CBD, where the vacancy rate has now averaged two per cent for the first quarter of 2010.

“A vacancy rate of two per cent is well below what it should be but, in contrast to the past five years, represents an improvement.

“In other parts of the city there was unfortunately little improvement. The vacancy rate in suburbs between four and 10km from the CBD dropped from 1.4 to one per cent, which is the lowest it has been for 12 months.

“Vacancies in the middle suburbs, between 10 and 20km from the CBD, remained stable at 1.7 per cent and had eased slightly in the outer suburbs to 1.7 per cent from 1.6 per cent in February.

“In regional Victoria the vacancy rate remained lower than Melbourne’s for the sixth month in a row. A vacancy rate of 1.1 per cent was recorded.

“Of the larger regional centres, Bendigo recorded a vacancy rate of 0.4 per cent; Geelong and Ballarat both recorded a vacancy rate of 0.8 per cent,” Mr Raimondo concluded.

 

 

If you would like to stay below Melbourne’s average with your vacancy rates contact Domain Property Advocates Director Melanie Dennis 03 9853 5599 | md@domainadvocates.com.au | 0416 218 003

If interested in learning more about this update please contact me today!

Tags: cent, domain property, home, March, middle suburbs, regional victoria, reiv, rental vacancy rate, row, vacancy rates

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