Once again, Geelong’s rental market is proving to separate further and further from parity with Melbourne’s market.
I’m talking about the vacancy rate where for the 8th month in a row, Geelong’s has fallen; it’s now just 1.2% across the region.
In comparison, Melbourne’s vacancy rate has increased for the 10th month in a row where it is now 7.6% in Inner Melbourne and 5.9% across the Melbourne Total measurement.
The median weekly rental data in Geelong is a little different this month too. In January, the median rental for 2 bedroom units in Geelong rose $5 to $335 per week. And while we don’t normally report on 1 bedroom units, they also rose $5 per week to an average of $245. Houses have remained the same for the 4th month in a row with 2 bedroom houses at their median of $330 per week and 3 bedroom houses are still $380 per week.
With March only a few days away, it’s worth noting that this month will see some huge changes coming to the rental laws in Victoria. Our team is across these changes with our director, Hayley Mitchell, training literally hundreds of other property managers across the state so if you have any questions about this, please let us know. You can call us on 5277 2727 to talk about the market, the changes or anything else and we will also be posting some information about everything on our Facebook page too.
Our page can be found at https://www.facebook.com/GeelongPM