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.
This month, Geelong’s rental data is looking fantastic! And when you compare it to Melbourne’s data, it’s almost unbelievable. For example, Geelong’s rental vacancy rate is now back to 2.2% - the same rate we had pre-COVID, but Melbourne’s vacancy is sitting at a new high of 3.2% and inner Melbourne is at a huge 4%. Overall, Victoria’s total vacancy rate is 2.9%.
Our region’s rental prices are again healthy and stable. 2 bedroom houses and units are sitting at the same median rent as last month whilst 3 bedroom houses have increased by $3 and now sit at $383 per week.
This is the reporting month that we thought we would see the biggest impacts of COVID, however, the REIV data shows that Geelong’s rental market is stable. In fact, if you look at the numbers alone, you can’t really see a problem at all.