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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.