News

May Rental Vacancy Rate 2.7% In Ballarat

By Phillip Lee

The May REIV rental market statistics show a slight contraction in the rental vacancy rate and increase in median rent in Melbourne.

The vacancy rate fell from 3.2 per cent in April to 2.8 per cent in May and there was an increase in the weekly rent for a house from $382 to $390. These are minor variations given that the vacancy rate has been around 3 per cent throughout this year and the median rent has also been around $390 as well.

From a medium term perspective there is no doubt that government policies designed to increase the supply of dwellings is having an impact with a persistently high vacancy rate now being a regular feature.

Within the metropolitan area vacancies remain high in the inner city where 3.9 per cent of rental homes were vacant compared to 4.4 per cent last month. The middle suburbs remained reasonably stable at 3 per cent and there was a contraction in the outer suburbs where the vacancy rate dropped from 2.8 to 2.2 per cent.

Whilst rents remain broadly consistent there is some pressure evident in the inner suburbs for 3 bedroom houses and more broadly in the metropolitan area for 1 or 2 bedroom units. In each of these cases the median rents rose.

The vacancy rate rose in regional Victoria from 3.3 to 4.1 per cent with the most significant change being in the Geelong where the vacancy rate rose from 4.4 to 6.7 per cent. In Bendigo the vacancy rate remained stable at 3.1 per cent and it rose in Ballarat from 2.2 to 2.7 per cent. Median rents again remained stable in regional Victoria.

Source: REIV

Up to Date

Latest News

  • Ray White Now – Real Time Market Update 21st September 2020

    Welcome to this week’s real time residential market insights, we’ve created this document to provide clarity to all our customers on what is happening in the market now. As Australasia’s largest real estate group, selling one in every nine homes across Australia, we are uniquely placed to provide our clients with the … Read more

    Read Full Post

  • Ballarat Vacancy Rate Continues To Fall

    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 … Read more

    Read Full Post