The residential rental vacancy rate in Ballarat dropped to a record low in November with the Real Estate Institute of Victoria reporting Ballarat’s vacancy rate at 0.7% and Ray White Ballarat’s vacancy rate 0.37%.
The November vacancy rate for Regional Victoria is 1.3%, Bendigo 0.7%, Geelong & Barwon Region 2% and Melbourne 2.1% 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 “0.7% is the lowest vacancy rate recorded by the REIV since they started collecting figures in 2002 with rent in Ballarat increasing 16% over the last two years”.
The November median rent for a house in Ballarat is $323 per week and units/apartments $243 per week.