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.
Rental Market Updates
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.