Rental Market Snapshot: The Melbourne property market continues to see a a further supply in rental properties, resulting in continued decreased vacancy rates. This trend has remained consistent for 12 months, particularly as interest rates has influenced more people to rent over buying their own home.
According to the The Real Estate Institute of Victoria (REIV) :-
- The proportion of vacant properties in metro Melbourne stands at approx. 2.3% as at 31 December 2023. This has increased decreased from 2.4% three months ago ending 30 September 2023.
- The proportion of vacant properties in regional Victoria stands at approx. 2.1% as at 31 December 2023. This has remained steady at 2.1% nine months ago ending 31 March 2023.
- The weekly median rent for houses in metropolitan Melbourne as at 31st December 2023 remains consistent at approx. $550 since September 2023.
- The weekly median rent for houses in regional Victoria also increased to approx. $460 as at 31st December from $440 nine months ago ending 31 March 2023.
Rental Market Snapshot: 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.
