Metropolitan rental market update
16-Aug-2010
The latest REIV vacancy rates confirm that there was no significant change in the availability of rental homes in metropolitan Melbourne in June. The rental vacancy rate in June was 1.5 per cent still very tight with no significant improvement envisaged in the short term.
The level of rental vacancies contracted in the inner city and outer suburbs. Within four kilometres of the CBD the vacancy rate dropped from two per cent in March to 0.9 per cent in June.
Within the suburbs between four and 10km from the CBD the vacancy rate eased from one per cent in March to 1.3 per cent. The vacancy rate also eased in the middle suburbs from 1.7 to two per cent and contracted in the outer suburbs from 1.7 to 0.8 per cent.
Some REIV Members have advised that the period of time in which a rental property remains vacant has increased and it will be interesting to see if this translates into an improvement in supply and an easing of rental increases.
The rental vacancy rate in regional Victoria changed slightly from 1.1 per cent in March to one per cent in June, continuing a trend that has seen a fewer vacancies in regional Victoria than in the city.
The vacancy rate has remained below one per cent in Bendigo for over a year and is now 0.4 per cent, the same as in March.
The availability of vacancies has improved in Geelong from 0.8 per cent to 1.3 per cent over the quarter, and in Ballarat there has also been a minor improvement from 0.8 to one per cent.
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Tags: cent, June, metropolitan melbourne, middle suburbs, property, property advocates, reiv, rental vacancies, rental vacancy rate, update
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