Rental Market Snapshot: The Melbourne property market continues to go strength to strength. The demand is continuously outstripping supply, which places further upward pressures on property prices. The rental income, particularly in metropolitan Melbourne is stabilising and improving each month since the wake of the global pandemic.
Regional Victoria continues to demonstrate better vacancy rates to Metropolitan Melbourne, however as the supply expands in regional Victoria, it will be interesting to see how the two area fair against one another over the net 12 months.
According to the The Real Estate Institute of Victoria (REIV) :-
- The proportion of vacant properties in metro Melbourne stands at approx. 5.0% as at September 2021. This has improved greatly when it was up at 6.5% in March 2021.
- The proportion of vacant properties in regional Victoria stands at approx. 1.3% as at September 2021, compared to 1.2 from the previous quarter ending June 2021.
- The weekly median rent for houses in metropolitan Melbourne increased to approx. $495, up from $470 a month ago.
- The weekly median rent for houses in regional Victoria also increased to approx. 420 up from $400 last month.
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.
