Ballarat Rental Vacancy Rate Falls In March

By Phillip Lee

The vacancy rate in regional Victoria remained relatively stable in March 2014 at 2.6 per cent but has declined considerably over the past few months falling from a peak of 3.5 per cent in August 2013.

This month’s decrease was due to declines in all towns except Bendigo and East Gippsland & Wellington Shire. Geelong reported a decrease from 4.2 per cent to four per cent while Ballarat also reported a decrease from 2.2 per cent to 2.1 per cent in March.

In regional Victoria, the median rent for houses decreased by 3.3 per cent over the month to $290 per week with declines in all three regional centres: Geelong fell by 5.9 per cent; Ballarat fell by 2.9 per cent; and Bendigo decreased by 1.7 per cent. The median rent for units in regional Victoria also fell by 4.1 per cent over the month to $230 per week.

The vacancy rate in Melbourne decreased to 2.8 per cent in March from 2.9 per cent in the previous month. It is now at the lowest level since October 2012 with declines in all sub-regions, particularly the inner suburbs.

The vacancy rate for the inner suburbs declined to three per cent from 3.2 per cent in the previous month and is at the lowest level since December 2012. It still has the highest vacancy rate of the three subregions especially within the 0-4km radius with a vacancy rate of 3.8 per cent. The outer suburbs reported a decrease to 1.9 per cent from two per cent in the previous month and remain the tightest sub-market in Melbourne.

The median weekly rent for houses in Melbourne decreased by 1.3 per cent to $395 in March 2014 – thesame as this time last year. However there was rental growth for the inner suburbs which increased by 1.5 per cent over the month to $551 per week. Rental growth for houses over the past 12 months has been strongest in the inner suburbs which grew by 3.9 per cent, followed by 2.9 per cent in the outer suburbs. Median house rents in the middle suburbs declined by 3.8 per cent for houses.

The median weekly rent for units in Melbourne increased by 0.5 per cent to $390 in March 2014 with growth of 2.4 per cent in the inner suburbs and declines in the middle and outer suburbs. Rental growth for units has outpaced houses over the past 12 months having increased by 5.4 per cent while it has remained stable for houses.

Source:  REIV

Up to Date

Latest News

  • Ray White Now – Real Time Market Update 21st September 2020

    Welcome to this week’s real time residential market insights, we’ve created this document to provide clarity to all our customers on what is happening in the market now. As Australasia’s largest real estate group, selling one in every nine homes across Australia, we are uniquely placed to provide our clients with the … Read more

    Read Full Post

  • Ballarat Vacancy Rate Continues To Fall

    The August residential rental vacancy rate for Ballarat has fallen to 2.2%, down from 2.4% in July and 2.6% in March according to the latest figures released by the Real Estate Institute of Victoria. This is good news for Ballarat investors and proves how resilient the Ballarat rental market has … Read more

    Read Full Post