The REIV February rental vacancy rates show that the availability of rental homes in Melbourne remained stable, with a vacancy rate of 1.4 per cent. Detailed results showed that the inner city vacancy rates have fallen below 1.0 per cent once again.

The figurers confirm that the state requires greater private and public investment in rental accommodation to house its increasing population.
 
Over the past 3 years the vacancy rate has not been above 2 per cent and this is a significant problem. It is leading to increases in housing costs for renters at the same time as we are seeing significant improvements in affordability for homeowners.
 
The February vacancy rate remained steady at 1.4 per cent with the largest changes occurring in the inner city (0-4k from CBD) where the vacancy rate dropped from 1.4 in January to 0.9 per cent and the inner city (4-10k from CBD) where it improved from 1.1 per cent to 1.7 per cent.

Vacancies in the outer Melbourne suburbs also fell below 1 per cent at 0.8 per cent down from 1.1 per cent in January. Vacancy rates in individual suburbs will vary.
 
The situation is much the same in main regional Victoria centres. In the Geelong region the vacancy rate fell slightly from 1.3 to 1.2 per cent, in the Ballarat region it remained steady at a low 1.2 per cent and in Bendigo the vacancy rate fell to a 0.6 per cent – an outcome unprecedented in the REIV’s history of recording vacancy rates.

The REIV hopes that the combined impact of the federal government stimulus package and commitments to speed up planning approval processes leads to an improvement in the availability of rental homes, however it will still take some time.

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

Tags: cent, Detailed, melbourne suburbs, outer melbourne, region, state, stimulus package, update, vacancy rate, vacancy rates

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