It is still good news for property investors in Ballarat as the residential rental vacancy rate remains at low levels. The Real Estate Insitute of Victoria figures for September 2012 show Ballarat’s vacancy rate is 1.3%, down from 1.5% in August and 1.6% recorded in September last year. The lowest vacancy rate in the last 12 months was in March this year where a year low 0.6% was recorded.
Across regional Victoria, after peaking at 2.9 per cent in July 2012, the vacancy rate has since fallen to two per cent in September.
After a prolonged period of easing vacancy rates in Melbourne over the past three years, the vacancy rate appears to show signs of stabilising. The vacancy rate increased slightly to two per cent in September but remains below that of a year ago.
The median rent for houses in Melbourne fell 1.1 per cent to $371 per week in September, with decreases in rental in the inner- and middle suburbs offsetting an increase in the outer suburbs.
Rental Market Snapshot – September 2012
The current rental vacancy rate in Ballarat is 1.3 per cent
The current rental vacancy rate in Melbourne is 2.0 per cent
The current rental vacancy rate for Regional Victoria is 2.0 per cent
The current house median rent in Melbourne is $371 per week
The current house median rent in Regional Victoria is $295 per week