REIV releases November rental vacancy data for Victoria
The REIV’s November rental vacancy report shows that for the fourth month in a row there are fewer available rental homes in regional Victoria than in metropolitan Melbourne.
REIV CEO Enzo Raimondo said that the rental vacancy rate in regional Victoria was 0.8 per cent, down from one per cent in October; and 1.5 per cent in Melbourne, up from 1.4 per cent in October.
“There are very few places in Victoria where vacant rental homes are easy to find and there is no sign of that changing.
“The most significant improvement was recorded in the suburbs between four and 10 km from the CBD where the vacancy rate improved from 1.2 to 1.8 per cent. Minor improvements were also recorded in the outer suburbs – those more than 20 km from the CBD where the vacancy rate increased from 0.6 to 0.9 per cent.
“There was little improvement in Geelong, where the vacancy rate rose from 1.3 to 1.5 per cent; a very minor improvement in Bendigo, which recorded an increase from 0.1 to 0.2 per cent; and a contraction in Ballarat from 1.1 to 0.8 per cent.
“The REIV considers a vacancy rate of three per cent optimal – and the last time that was the case in Melbourne was nearly five years ago. In regional Victoria the vacancy rate was three per cent in April this year.
“As a result of the very low vacancy rate in Melbourne, rents have risen more rapidly than CPI over the last five years and this will continue to the be the case until more homes are constructed where people want to live,” Mr Raimondo concluded.
If you are looking to invest in Melbourne property or all ready have investments that you would like to speak with Melbourne’s leading Property Management team about you can contact our Property Management Director Melanie Dennis on 03 9853 5599 or email Melanie at
md@domainadvocates.com.au. Domain Property Advocates is Melbourne’s highest awarded Property Management team and currently holds the REIA Award for Property Manager of the Year. See www.melaniedennis.com.au for more information.
