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Vacancy Rates Fall Again

By Sarah Wilson

The September residential rental vacancy rate for Ballarat has fallen to 1.9%, down from 2.2% in August 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 been during the pandemic.

Ballarat’s median rent for houses increased by $20 to $370 per week for September, up from $350 per week in August and units/townhouses had an increase of $7 to $300 per week, up from $293 per week in August.

The Regional Victorian vacancy rate continued it’s drop from 1.4% to 1.6% over the month, the median house rent had an increase to $370 per week from $360 and units also increased to $300 per week from $295 per week in August.

In Geelong, house rental prices increased $10 to $390 per week along with house rents in Bendigo also increasing $10 to $350 per week.

The vacancy rate in Melbourne increased again to 4.3% from 3.7% in August, median rents for houses in Metro Melbourne decreased $10 to $470 per week and the median rent for units remained unchanged at $400 per week.

Source: REIV

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