Rental prices have fallen in metropolitan Melbourne following a month of some improvement in vacancy rates across the state, say REIV
The monthly rental data from the Real Estate Institute of Victoria shows median rents for houses are now more affordable at $470 per week, down from February’s $480 per week, but still higher than the same time last year.
Metropolitan units are also now cheaper to rent, from $450 per week in February down to $430 per week.
At a Glance:
The Regional Victorian vacancy rate climbed from 1.8 per cent to 1.9 per cent over the month, however median house rents remain unchanged on $350 per week, with units rising to $295 per week.
In Geelong, house rental prices shrunk by $10 to $400 per week, the Ballarat region remained steady on $340 per week, while house rents increased in the Bendigo region by $7
to sit at $350 per week.
Although there has been some improvement in vacancy rates with metropolitan Melbourne recording 2.3 per cent for two consecutive months, Victoria needs vacancy rates of 3- 4 per cent to maintain a healthy market.
Source: REIV
The numbers released reflect the strong market in the lead up to the State of Emergency, and are consistent with our March quarter median prices.
REIV President Leah Calnan said that the temporary measures in place due to COVID-19 make it challenging to gauge the real situation but the underlying strength of the Victorian property market is undeniable.
“Victoria’s rental accommodation supply is growing, more rental homes are now available but there remains a need for more properties to be listed to cater for growing demand.” said Ms Calnan.
“The State Government needs to work more closlely with property owners, to help build a reliable supply of rental accommodation in Victoria."
Similar to this:
February saw declining vacancy rates
Vacancy rates both up and down last quarter to January 2020
Competition for Perth rentals heats up as vacancy rates fall