Rental Market Snapshot: The Melbourne property market continues to see a supply issue for rental prices. It’s becoming more evident when we reflect on the vacancy rates in this market insight.
As interest rates look to potentially hold it’s anticipated that more buyers will enter the market to purchase their own property over renting. As a property investor, leasing your property has never been easier.
According to the The Real Estate Institute of Victoria (REIV) :-
- The proportion of vacant properties in metro Melbourne stands at approx. 2.2% as at 31 March 2023. This has significantly decreased from 3.2% six months ago ending September 2022.
- The proportion of vacant properties in regional Victoria stands at approx. 2.1% as at 31 March 2023. This has increased from 1.9% six months ago ending September 2022.
- The weekly median rent for houses in metropolitan Melbourne increased to approx. $520 from $500 six months ago ending September 2022.
- The weekly median rent for houses in regional Victoria also increased to approx. $440 from $430 six months ago ending September 2022.
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.
