Rental Market Snapshot: The Melbourne property market continues to improve in both vacancy rates and higher yields. The demand continuous to outstripping supply, which is expected into the new year.
Regional Victoria continues to demonstrate better vacancy rates to Metropolitan Melbourne, however median rental prices in Melbourne is starting to increase.
According to the The Real Estate Institute of Victoria (REIV) :-
- The proportion of vacant properties in metro Melbourne stands at approx. 4.9% as at December 2021. This has marginally improved from 5.0% in September 2021.
- The proportion of vacant properties in regional Victoria stands at approx. 1.2% as at December 2021, compared to 1.3% from the previous quarter ending September 2021.
- The weekly median rent for houses in metropolitan Melbourne increased to approx. $495.
- The weekly median rent for houses in regional Victoria also increased to approx. $400.
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.
