Rental Market Snapshot:
According to the The Real Estate Institute of Victoria (REIV) :-
- The proportion of vacant properties in metropolitan Melbourne increase to approx. 2.4% as at 30 September 2024. This has increased over the last three months, but remains steady when comparing it to 31 December 2023 where it was approximately 2.3%.
- The proportion of vacant properties in regional Victoria stands at approx. 2.0% as at 30 September 2024. This decreased in the quarter, but has also remained steady when comparing it to 31 December 2023 where it was approximately 2.1%.
- The weekly median rent for houses in metropolitan Melbourne as at 30 September 2024 has increased to approximately $590.
- The weekly median rent for houses in regional Victoria also increased to approximately $480 since 31 March 2024.
The continued low rental vacancy rates in Melbourne reconfirms that the rental market remains difficult as many Victorian’s continue to try find a home. The Melbourne property market remains steady despite higher interest rates to was was seen a few years ago and the current imposed land tax rates.
Several factors can contribute to low rental vacancy rates, including population growth, limited housing supply, economic conditions affecting homeownership rates, and even short-term rental platforms impacting available housing stock. Governments and local authorities often monitor vacancy rates closely as they can indicate housing affordability issues and the overall health of the housing market.
Rental Market Snapshot – What to do next?
Melbourne’s rental market has been challenging lately, especially with high demand and limited supply in many areas. Here are some tips that might help make the search a bit easier:
- Expand Your Search Area: If possible, consider looking at surrounding suburbs. Properties in these areas may be more affordable and available, even if they add a bit to your commute.
- Set Up Alerts: Many rental platforms allow you to set up alerts for specific criteria. This can give you a jump on newly listed properties.
- Network and Ask Around: Sometimes properties don’t make it to the public listings. Word of mouth through friends, family, or community groups might open up opportunities you wouldn’t otherwise find.
- Consider Alternate Accommodation: Some people choose to house-share, rent a room in a larger house, or explore shorter-term rentals while they search for a longer-term option.
- Be Prepared and Act Fast: Melbourne’s rental market is competitive, so having all the required documents ready—ID, proof of income, references, and even a personal cover letter—can make a difference when you find a suitable property.
Are you looking for anything specific in terms of area or property type? At Crest Property Investments we specialise in sourcing brand new and off the plan properties for buyers. If you’d like to learn more about property investment, please feel free to look us up on our website.
Our YouTube channel and Market Insights also provide a wealth of information to assist you with many areas relating to property.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
