The Real Estate Institute of Victoria have released the Victorian residential rental vacancy rates for April 2020 and the Ballarat market has remained relatively stable with a slight increase in the vacancy rate to 2.7% for April compared to 2.6% in March.
Ballarat’s median house rent has dropped to $320 per week, down from $340 per week in March and the median rent for units/townhouses has also dropped to $268 per week, down from $280 per week in March.
The Regional Victorian vacancy rate remained steady at 1.9% over the month with median house rents remaining unchanged at $350 per week whilst units fell from $295 per week to $280 per week.
In Geelong, house rental prices remained stable at $400 per week while house rents increased in the Bendigo region by $10 to sit at $360 per week.
The vacancy rates in Melbourne increased slightly from 2.3% to 2.5% with median rents for houses in metro Melbourne decreasing to $465 per week from $470 per week along with the median rent for units also decreasing to $430 per week from $415 per week.
REIV President Leah Calnan said that the temporary measures in place due to COVID-19 make it challenging to gauge the real situation but the underlying strength of the Victorian property market is undeniable.
“Victoria’s rental accommodation supply is growing, more rental homes are now available but there remains a huge need for more properties to be listed to cater to growing demand.” Ms Calnan said.
“Lower vacancy rates, means that families are finding it tougher and tougher to put a roof over their heads.”
“I urge owners of investment homes to lease out their properties, they will get a great rental return, and homes are being leased out rapidly, with no hassle.”
“The State Government still needs to work more closely with property owners, to help encourage them to rent their investment homes out and to help ease the statewide housing shortage.”