Rental Market Snapshot: As Melbourne continues to move forward from a tough global pandemic in 2020, the rental vacancy market still remains above normal levels.
Taking a look at both metropolitan Melbourne, property sales continues an upward trend, however, vacancies continue to worsen. When we next share these statistics in March 2021, we anticipate vacancy rates to start to moderate and start to reduce.
According to the The Real Estate Institute of Victoria (REIV) :-
- The proportion of vacant properties in metro Melbourne stands at approx. 5.4% as at October 2020, compared to 2.2% in December 2019.
- The proportion of vacant properties in regional Victoria stands at approx. 1.1% as at October 2020. compared to December 2019 to 1.9% in March 2020.
- The weekly median rent for houses in metropolitan Melbourne is approx. $480.
- The weekly median rent for houses in regional Victoria is approx. $380.
Disclaimer – The REIV is the most authoritative source for information about the Victorian rental market with historical vacancy rates from October 2002. The REIV, on a monthly basis, collect current vacancy rates and rental data from Members and view.com.au leases.
