This month, there isn’t too much to report because many of the REIV numbers are the same as last month.
Geelong’s vacancy rate is still high at 3.1% while the Melbourne Total measure has continued its slow downward trend falling by another .1 of a percent to 2.2%. Regional Victoria’s Total measure has risen slightly by the same amount to 2.1%
At Geelong Property Managers, we are continuing to feel the effects of Geelong’s high vacancy rate with properties leasing slower than they did this time last year.
The “rental crisis” in Melbourne is also seen in the low vacancy rate data for the Melbourne measures
Median rents in the Geelong region are again similar with what is effectively the fourth month in a row of the same prices.
The only actual change in the data since last month is in the 2 bedroom house median rent which has surprisingly dropped from $390 per week to $385 per week. 2 bedroom units remain at $390 per week, and 3 and 4 bedroom houses are unchanged at $450 and $540 per week respectively.
If you have any questions about the state of the rental market, please feel free to give us a call on 5277 2727. You can also connect on our Facebook page too.
Our page can be found at https://www.facebook.com/GeelongPM