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Melbourne Rental Vacancy Rate Tighting Up

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The REIV rental vacancy rate for last month showed a slight tightening of the market in the past six months.

 

The vacancy rate for Victoria was 2 per cent last month and averaged 2.1 per cent during the first six months of the year. This compared with 2.6 per cent in the last six months of last year.

The vacancy rate for Melbourne was 1.8 per cent, down from 2.1 per cent in May. The metropolitan rate also showed a slight decrease throughout the first six months of the year, with the average vacancy rate at 2.1 per cent, compared with 2.8 per cent in the last six months of last year.

Using the most recent data on the number of rental properties in Melbourne, the vacancy rate last month equated to about 4600 vacant properties. The vacancy rate is based on properties managed by REIV member agencies.

 

 

Within Melbourne, the outer suburbs continued to have the lowest vacancy rate, with 1 per cent recorded, compared with 1.1 per cent in May. In the middle and inner suburbs, the vacancy rate was 1.9 per cent. If this trend continues, there might be upward pressure on rents following the stabilisation that occurred last year.

The state's regional vacancy rate eased from 1.8 per cent to 2.7 per cent - a significant shift that reflected increasing vacancy rates in Geelong, Bendigo and Mildura.

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