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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!
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.
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.