The residential rental vacancy rate in Ballarat continues it’s drop to extremely low levels with the Real Estate Institute of Victoria today reporting Ballarat’s vacancy rate for October at 0.8% whilst Ray White Ballarat’s vacancy rate is currently sitting at 0%.
The October vacancy rate for Regional Victoria is 1.3%, Bendigo 0.9%, Geelong & Barwon Region 2% and Melbourne 2.0% making Ballarat’s low vacancy rate very attractive for investors.
Ray White Ballarat Director Phillip Lee said “the vacancy rate was an important measure of the state of the rental market in Victoria with a vacancy rate of 3% regarded as a balanced rental market where there is enough vacant housing supply to meet demand”. Mr Lee said “he had not seen vacancy rates at these levels since 2010 which had resulted in rents in Ballarat increasing 16% over the last two years”.
The October median rent for a house in Ballarat is $320 per week and units/apartments $270 per week.