After four months of declines, the vacancy rate for regional Victoria increased from 2.7 per cent to 2.9 per cent. However the vacancy rates in the Geelong and Ballarat decreased. The vacancy rate in Geelong decreased from 4.9 per cent to 3.7 per cent. The vacancy rate in Ballarat decreased from .3 per cent to 2.2 per cent while it remained stable at 1.9 per cent in Bendigo. Bendigo remains the tightest rental market in regional Victoria while the Latrobe Valley has the highest vacancy this month at 5.3 per cent.
The vacancy rate in Melbourne decreased for the second consecutive month from 2.9 per cent in September 2013 to 2.7 per cent in October. This decrease was evident across all regions within Melbourne, particularly the outer suburbs. The vacancy rate for the outer suburbs decreased the most this month from 2.5 per cent to 1.8 per cent and remains the tightest rental market in Melbourne. The highest vacancy rate remains in the inner suburbs at 2.9 per cent.
The median weekly rent for houses in Melbourne remained stable for the third consecutive month at $390 in October. While the overall median house rent in Melbourne remained stable, there were increases in the inner, middle, and outer suburbs. Between January 2013 and October 2013, the median weekly rent for Melbourne house increased by 2.3 per cent. The median weekly rent for units increased by 1.3 per cent to $380 in October. However, the median rent for units remained relatively stable across the metropolitan region with the inner suburbs recording a slight increase of 0.5 per cent to $402 per week. Between January 2013 and October 2013, the median weekly rent for Melbourne units increased by 5.6 per cent.
The median weekly rent for houses in regional Victoria remained stable at $300. The median weekly rent for units increased by two per cent to $255.