Median rents in the Geelong region are again similar with what is effectively the fourth month in a row of the same prices.
Warren Rapson
This month’s data from the Real Estate Institute of Victoria shows a market beginning to settle into the new numbers and possibly even the new normal.
This month, with the highest vacancy rate we have had for some time, we have finally felt the effects of a slower-than-usual rental market.
A high vacancy rate should, in theory, give tenants more choice in rental properties which should decrease demand which should lower rental prices, but the high vacancy rate is not putting downward pressure on prices.
Currently, 2 bedroom units and houses are still at $380 per week, 3 bedroom houses are again $440 per week, and 4 bedroom houses are now at $515 per week with a $5 average increase.
After a long break from blogging, we’re back with Geelong’s latest rental data! We’re also doing things a little bit differently with the use of some simple graphs instead of our usual videos.
Geelong’s vacancy rate was steady this month remaining at 1.5% in August whereas Melbourne’s rate is continuing its downward trend where the Inner Total measure is now 7.1%. The Melbourne Total rate is also lower at 5.8%
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...