As Australia begins to get back to normal just a little bit, we’re pleased to report that the rental data for Geelong isn’t as scary as it was predicted to be.
April 2020 is month many of us would rather forget and it seems that the REIV was also feeling the pressure because their data was not released until the very end of the month. The REIV data, however, is now back to normal so let’s get into it!
In these unprecedented times, a lot is going on in the property management sector however the data we normally report on looks ok...
The Feb results are in with the latest REIV data showing that 2 bedroom units are remaining at their rental high of $330 per week across Geelong.
According to the latest REIV figures, the backward step for 2 bedroom apartments last month has corrected and returned to its high of $330 per week as a median rent across Geelong. And it’s the same story for 2 bedroom houses also returning to their high of $325 per week.
With Christmas only days away, like on Wednesday, many agencies in town have closed down for a week or two. But not GPM!
With summer only a few days away, we have had some pretty interesting weather and while it’s been both hot and cold, Geelong’s rental market is mainly HOT based on the latest figures from the REIV.
Our local rental market is also awesome even though the figures are largely unchanged since last month. The only difference in September’s REIV data is that the median rent for two bedroom houses has risen $3 to $323 per week.
Two bedroom units remain at median rental price of $320 per week and the August data also shows that two bedroom houses have corrected and come down $8 per week back to the usual median of $320 per week. Three bedroom houses, however, remain strong with the median being $370 per week for the third consecutive month.
The median rent in for two bedroom units remains unchanged at $320 per week while the median rent for 2 bedroom houses has risen slightly to a new high of $328 per week. And, for the second consecutive month, the same measure for 3 bedroom houses is $370 per week.