Last month we reported a rise in Geelong’s vacancy rate and a decline in Melbourne’s rate. We mentioned that this may be a sign of a correction and with this month’s data showing the same, we are once again believing this is an adjustment toward the old normal.
Well it may be a sign of a correction, but this is the third month in a row where Geelong’s vacancy rate has increased where it is now 1.4%.
This is the 12th month of our unprecedented vacancy rates in Geelong, but rather than falling again, the new vacancy rate is 1.2% which is point-one-of-a-percent higher than last month.
For the 11th month in a row, we have seen Geelong’s vacancy rate fall. This month, it is sitting at only 1.1% which is great news for Geelong landlords but once again it is a completely different story in Melbourne.
Once again, Geelong’s rental market is proving to separate further and further from parity with Melbourne’s market.
This month’s data brings a big Happy New Year to Geelong’s rental market with a continued downward trend on the vacancy rate. It’s fallen another .1 of a percent to 1.3% and that’s amazing given that only 12 months ago, it was steady at 2.2%.
This month, data from the REIV is continuing to show the downward-trend of Geelong’s incredible vacancy rate with November’s data showing that it is now only 1.4% across the region. And just like recent months, the upward-trend continues for Melbourne’s vacancy rate with inner Melbourne at a staggering 6.4%.
This month’s REIV data is continuing to prove how awesome Geelong is right now!
This month’s data shows more good news for Geelong but unfortunately the same can’t be said about Melbourne. The Inner Melbourne vacancy rate has now jumped to 5.3% with the Melbourne total rate also higher at 4.3%.
Following last month’s great data and figures, spring time has brought even more good news for Geelong’s rental market.