We’re doing this video a little different this month due to lockdown and we’re also a little bit late, but let’s get to it.
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%
But the median rents this month a little different with some more gains and more highs. 2 bedroom units have risen only $2 to a new high of $350 per week. 2 bedroom houses remain steady at last month’s high of $350 per week. 3 bedroom houses, however, have hit the $400 mark for the first time while 4 bedroom houses remain at their median high from last month at $470 per week.
In terms of leasing, we actually leased all of our available stock during lockdown before adding some new properties to our list. We were able to do this mainly due to our 3D scanned virtual tours where prospective renters could virtually walk through their homes without physically seeing them. We’ve said it other videos, but it’s again true: lockdowns aren’t slowing us down! So if you have a vacant property or 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