Rental Market Snapshot: The Melbourne property market has witnessed some high interest rate moves in the last quarter, resulting into a short fall of rental properties throughout the state. As we enter the last quarter of 2022, it will be interesting to see how vacancy rates continue. At this point, they are reducing very fast.
Regional Victoria continues to demonstrate better vacancy rates, however increased over the last quarter. Metropolitan Melbourne is starting to bridge the gap as it continues to decrease.
According to the The Real Estate Institute of Victoria (REIV) :-
- The proportion of vacant properties in metro Melbourne stands at approx. 3.2% as at 30 September 2022. This has significantly decreased from 4.0% in the previous quarter ending June 2022.
- The proportion of vacant properties in regional Victoria stands at approx. 2.0% as at September 2022, compared to 1.8% from the previous quarter ending June 2022.
- The weekly median rent for houses in metropolitan Melbourne increased to approx. $500.
- The weekly median rent for houses in regional Victoria also increased to approx. $430.
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.
