Rental vacancy rates in Ballarat dropped in May to a new low of 1.3%, the lowest seen since 2011 after hitting a high of 3.7% in February 2016.
Victoria’s residential rental vacancy rate stands at 1.9 per cent in May 2018 whilst the vacancy rate in regional Victoria fell again by 10 basis points to 1.6 per cent in May.
The vacancy rate in the Geelong region rate rose to 1.6 per cent whilst the vacancy rate in the Bendigo region remained at 1.3 per cent. Rents for houses in Geelong rose by $5 to $380 per week. Those in Ballarat and Bendigo rose to $320 and $315 per week respectively.
The vacancy rate across metropolitan Melbourne was at 2.0 per cent in May. Within Melbourne’s sub-regions, vacancy rates in the middle suburbs fell to 2.8 per cent in May, while the inner and outer suburbs rose back to 1.8 and 1.7 per cent respectively.
The weekly median rent for houses in metropolitan Melbourne fell slightly to $440 in May. In regional Victoria, the weekly median rent for houses rose again by $5 to $320 per week in May. The weekly median rent for units remained stable at $420 per week in metropolitan Melbourne and $250 per week in regional Victoria.