It’s probably too late to say it, but Happy New Year! And what a year it’s going to be, but more on that in a minute – let’s talk rental data first.
According to the latest REIV figures, the backward step for 2 bedroom apartments last month has corrected and returned to its high of $330 per week as a median rent across Geelong. And it’s the same story for 2 bedroom houses also returning to their high of $325 per week.
The median rent for 3 bedroom houses, however, has actually dropped back to a median rent of $380 per week which is more in-line with the trend we have seen in the past months.
And while our town’s rents are growing, so too is our vacancy rate – Geelong recorded 2.2% in the month of December whereas it was 1.9% this time last year. For perspective, regional Victoria’s total rate is 1.7% but we are more in-line with the Melbourne rate which is also 2.2% as a total.
Now, back to our BIG news – we’re moving! As of next week, we will be located right next to the Kardinia Café at 350 Latrobe Terrace in Newtown. We’re also taking this opportunity change our phone number: 5277 2727 is already operational and our old number will divert to this one for a month or so. Our office will be fully functional next week even though our signage will not yet be up so please don’t be afraid to come in and say hi – we are open for business.
That’s about all for this month. If you have any questions about this update or if you would like any more information, please feel free to contact us or even like our Facebook page for even more updates. Our page can be found at https://www.facebook.com/GeelongPM
If you have any questions on the state of the Geelong Rental Market or if you would like to discuss our property management services, please don’t hesitate to give us a call on 03 5277 1125.
