Vacancy rate across the city has been consistent for the past year.

REIV analysis of Melbourne’s property market shows that the rental squeeze appears to be easing in Melbourne’s outer suburbs.

The vacancy rate across Melbourne has been reasonably consistent for the past 12 months, recording between 1 and 1.4 per cent. It is significant, however, that the outer suburbs are showing improvement in that sector; over the last six months the vacancy rate in this region has improved from 0.7 per cent to 1.8 per cent.

This may be due to the various government grants, bonuses and boosts combined with historically low interests rates, which are helping first-home buyers move from rented accommodation in outer suburban Melbourne and into their own homes. The Australian Bureau of Statistics adds further weight to the REIV’s analysis. ABS data for March reveals that the number of owner-occupied housing commitments increased in Victoria by 2.3 per cent and that the number of first home buyer commitments as a percentage of total owners increased from 26.5 to 27.3 per cent.

The REIV March quarter median prices showed that most of the activity in the marketplace has been in outer suburbs such as Craigieburn, Melton South, Hillside, Epping, Werribee and Meadow Heights, all popular with first-home buyers.

In the three key regional centres, the vacancy rate in the Geelong region has dropped from 2.6 to 2.3 per cent, stayed at 1per cent in Bendigo and dropped from 1.5 to 1.4per cent in Ballarat.

It is great news for renters if a byproduct of the grants, bonuses and boosts is an improvement in the availability of rental accommodation. We will need to monitor the situation over the next few months.

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

Tags: cent, first home buyer, First home buyers, melton south, number, property, region, reiv, south hillside, suburban melbourne

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