Rental Market Snapshot: The Melbourne property market has seen a huge take up in rentals. The property supply shortfall is upon us and it is likely to see potential upward pressures on property prices as the year progresses in 2023.
At this stage interest rates are placing affordability issues on many buyers, so the rental market will remain hot.
Regional Victoria continues to demonstrate better vacancy rates, however Metropolitan Melbourne is nearing par. It is reducing at a fast rate.
According to the The Real Estate Institute of Victoria (REIV) :-
- The proportion of vacant properties in metro Melbourne stands at approx. 2.5% as at 31 December 2022. This has significantly decreased from 3.2% in the previous quarter ending September 2022.
- The proportion of vacant properties in regional Victoria stands at approx. 1.9% as at 31 December 2022, compared to 1.9% from the previous quarter ending September 2022.
- The weekly median rent for houses in metropolitan Melbourne increased to approx. $513 from $500. This is a 2.6% increase.
- The weekly median rent for houses in regional Victoria also increased to approx. $440 from $430. This is a 2.3% increase.
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.
