Rental Market Snapshot: The Melbourne property market continues to see a heavy supply shortfall for rental properties. Vacancy rates have further decreased as property affordability remains challenging.
According to the The Real Estate Institute of Victoria (REIV) :-
- The proportion of vacant properties in metro Melbourne stands at approx. 2.1% as at 30 June 2023. This has significantly decreased from 2.5% six months ago ending 31 December 2022.
- The proportion of vacant properties in regional Victoria stands at approx. 2.3% as at 30 June 2023. This has increased from 2.1% six months ago ending 31 December 2022.
- The weekly median rent for houses in metropolitan Melbourne increased to approx. $530 from $513 six months ago 31 December 2022.
- The weekly median rent for houses in regional Victoria also increased to approx. $450 from $440 six months ago ending 31 December 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.
