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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%
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.
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.
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!