Currently, 2 bedroom units and houses are still at $380 per week, 3 bedroom houses are again $440 per week, and 4 bedroom houses are now at $515 per week with a $5 average increase.
Rental Market Updates
After a long break from blogging, we’re back with Geelong’s latest rental data! We’re also doing things a little bit differently with the use of some simple graphs instead of our usual videos.
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%.