This month, Geelong’s rental data is looking fantastic! And when you compare it to Melbourne’s data, it’s almost unbelievable. For example, Geelong’s rental vacancy rate is now back to 2.2% – the same rate we had pre-COVID, but Melbourne’s vacancy is sitting at a new high of 3.2% and inner Melbourne is at a huge 4%. Overall, Victoria’s total vacancy rate is 2.9%.
Rental prices here are also showing a positive trend too.
2 bedroom houses have hit a new high with a median rent of $335 per week, while 3 bedroom houses have also jumped to an average of $385 per week. 2 bedroom units remain unchanged since December at $330 per week, and, while we don’t normally report on 1 bedroom units, it’s worth mentioning that they have jumped $10 to $240 per week after being stable for the last 6 months.
So if you are a landlord during this time and have concerns about the market during the restrictions, don’t be. While we have had to make some changes to our business – like closing our doors to the public and only showing vacant properties via private appointment – our properties are leasing as if COVID wasn’t a factor. In fact, our average days on market are under 12, whilst the average for agencies in Geelong sit over 30.
As always, if you or someone you know has a rental property, please let us know. Even if you just want some more information about what the government restrictions mean for you and your property, please feel free to reach out and ask. Our number is 5277 2727 or you can get in contact from our Facebook page too.
Our page can be found at https://www.facebook.com/GeelongPM