The residential rental vacancy rate in Ballarat continued it’s downward fall in October dropping to 1.7%, down from 1.9% in September according to the latest figures released by the Real Estate Institute of Victoria. The vacancy rate hit a high for the year at 2.8% in May and has dropped every month since.
Ballarat’s median rent for houses in October was $350 per week and the median rent for units/townhouses was $300 per week.
Below is a breakdown of median rents in Ballarat
Houses: 2 bedrooms $280 per week, 3 bedrooms $330 per week, 4 bedrooms $390 per week
Units & Apartments: 1 bedroom $185 per week, 2 bedrooms $270 per week, 3 bedrooms $330 per week
The Regional Victorian vacancy rate continued it’s drop from 1.4% to 1.2% during October with a median house rent of $360 per week and units $315 per week.
Geelong’s vacancy rate is 1.7% and median house rent $400 per week whilst in Bendigo the vacancy rate is 0.8% and median rent is $330 per week.
The vacancy rate in Melbourne increased again to 4.6%, up from 4.3% in September with their median house rent sitting at $485 per week and units $400 per week.