Rental Market Snapshot: The Melbourne property market sees a great need for housing. 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. 2.1% 31 March 2024. . This has increased decreased from 2.3% three months ago ending 31 December 2023.
- The proportion of vacant properties in regional Victoria stands at approx. 2.2% as at 31 March 2024. This has remained steady at 2.1% three months ago ending 31 December 2023.
- The weekly median rent for houses in metropolitan Melbourne as at 31st March 2024 has increased to $570 31 March 2024.
- The weekly median rent for houses in regional Victoria also increased to approx. $460 as at 31 March 2024.
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.
