Rental Market Snapshot: The Melbourne property market has shown good signs of consistency in both vacancy rates and higher yields. As rental demand continues to increase, these figures are expected to improve as the year 2022 unfolds.
Regional Victoria continues to demonstrate better vacancy rates, while the rental income is also increasing at a higher rate in comparison to metropolitan Melbourne.
According to the The Real Estate Institute of Victoria (REIV) :-
- The proportion of vacant properties in metro Melbourne stands at approx. 5.1% as at March 2022. This has slightly increased from 4.9% in the previous quarter ending December 2021.
- The proportion of vacant properties in regional Victoria stands at approx. 1.1% as at March 2022, compared to 1.2% from the previous quarter ending December 2021.
- The weekly median rent for houses in metropolitan Melbourne increased to approx. $500.
- The weekly median rent for houses in regional Victoria also increased to approx. $420.
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.
