Rental Market Snapshot: Due to the global pandemic, covid-19 impacted vacancy rates and rent yields across the country. After the second wave of Melbourne moving into lock-down, these numbers further deteriorated. The outlook looks very positive ad we should see these numbers improve.
Taking a look at both metropolitan Melbourne and regional Victoria, regional Victoria has outperformed. Numbers from December 2019 to October 2020 have seen positive results in regional Victoria.
According to the The Real Estate Institute of Victoria (REIV) :-
- The proportion of vacant properties in metro Melbourne stands at approx. 4.6% as at October 2020, compared to 2.2% in December 2019.
- The proportion of vacant properties in regional Victoria stands at approx. 1.2% as at October 2020. compared to December 2019 to 1.9% in March 2020.
- The weekly median rent for houses in metropolitan Melbourne is approx. $485.
- The weekly median rent for houses in regional Victoria is approx. $360.
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.
