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 been during the pandemic.
Ballarat’s median rent for houses increased by $20 to $350 per week for August, up from $330 per week in July and units/townhouses had an increase of $11 to $301 per week, up from $290 per week in July.
The Regional Victorian vacancy rate continued it’s drop from 1.7% to 1.6% over the month, the median house rent had an increase to $360 per week from $350 and units remained unchanged at $300 per week.
In Geelong, house rental prices dropped $20 to $380 per week while house rents in Bendigo remained unchanged at $340 per week.
The vacancy rate in Melbourne increased again to 3.7% from 3.2% in August, median rents for houses in Metro Melbourne increased $20 to $480 per week and the median rent for units decreased, by $10 to $400 per. The inner Melbourne rental market continues to struggle as a result of the coronavirus pandemic with the vacancy rate hitting 4.9% in the 0-4km radius of the CBD.