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.
Melbourne’s vacancy rate, on the other hand, looked like it was stabilising last month however, this month it has seen a huge rise where the Inner Melbourne category is now a MASSIVE 8.4%. Even the Melbourne Total measure is huge at 6.5%.
But back home again, the rental price data in Geelong is steady. 2 bedroom units remain at their new high with a median rent of $340 per week, 3 bedroom houses also remain steady with a median of $380 per week, but 2 bedroom houses have risen $10 per week at now sit at their new high of $340 per week.
Both the vacancy rate and the rental figures are evident in our daily interaction with leasing – properties are continuing to move fast and more and more people are moving to Geelong for lifestyle reasons so we’re always looking to match renters with rental providers. If you have a property to lease or if you have any questions about the rental market, the new laws from March 29 or anything else, please feel free to call me or the team on 5277 2727. You can also connect on our Facebook page too.
Our page can be found at https://www.facebook.com/GeelongPM