Victoria’s vacancy rate fell to 2.8 per cent in June 2016. The weekly median rent for houses in metropolitan Melbourne remained at $401 per week in June although rents in middle Melbourne rose to $415 per week.
In Regional Victoria, the weekly median rent for houses rose to $295 in June. The weekly median rent for units rose to $395 per week in metropolitan Melbourne while the median rent for units in regional Victoria remained at $250.
The vacancy rate in regional Victoria rose to 2.9 per cent over the month with the Geelong region increasing to 3.5 per cent. The vacancy rates in the Bendigo region remained stable at 2.5 per cent while vacancy rates in the Ballarat region also remained stable at 3.6 per cent. Rents for houses in Geelong rose by 9.4 per cent to $350 per week in June while rents for Ballarat fell by 1.8 per cent to $280 per week and rents for Bendigo remained at $295 per week.
Vacant space across metropolitan Melbourne fell by 20 basis points to 2.7 per cent in June. Within Melbourne’s sub-regions, vacancy rates in the inner suburbs dropped to 2.4 per cent while vacant space in the city’s middle dropped to 3.3 per cent in June and vacant space in the outer suburbs rose to 2.4 per cent from 2.2 per cent in May. Melbourne’s inner suburbs recorded a decrease in weekly median rent for houses, down 3.5 per cent in June to $550, while rents for the middle suburbs rose 3.8 per cent in the same period to $415 per week. Rents in the outer suburbs rose by 1.4 per cent to $375 per week.