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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.
There is a slight increase the region’s vacancy rate up .1 of a percent to 1.7%. And the recent increases in median rents for 2 bedroom apartments has eased and now remains at $320 per week which is the same steady figure for 2 bedroom houses. 3 bedroom houses, however, have actually increased to a new high of $370 per week which is $10 more than the previous 6 months.
The median rent for 2 bedroom houses remains at $320 per week while the median rent for 3 bedroom houses also remains steady at $360 per week. The median weekly rental for 2 bedroom units, however, has risen again with another $5 added to a new high of $320 per week.
There have been some changes which have come into play under the Residential Tenancies Act.
The median weekly rental rose $5 per week for 2 bedroom units to $315 while the same measure for 2 bedroom houses remains at $320 per week. 3 bedroom houses, however, have a weekly median of $360.
Data from the REIV closes off the summer months with a 1.6% vacancy rate in Greater Geelong which is proof that the rental market is strong.
A short intro for the team at Geelong Property Managers.