It’s almost impossible to not mention the pandemic with lock-down in Melbourne, however, the latest REIV data does tell a tale of two cities. Let’s start with the vacancy rate. Inner Melbourne has increased to 3.2% with the Melbourne region as a whole sitting at 3.0%. Geelong on the other hand, has actually dropped to 2.3% – pre-COVID our vacancy rate was 2.2%, so Geelong is proving to be VERY different to Melbourne.
Our region’s rental prices are again healthy and stable. 2 bedroom houses and units are sitting at the same median rent as last month ($330pw) whilst 3 bedroom houses have increased by $3 and now sit at $383 per week.
With the rental market strong and business-as-usual in our office, we’re actively looking for more landlords to join us, so if you or someone you know has a rental property, please let us know. Even if you just want to get an idea of the correct rental price of your property, I can appraise your home over the phone anytime.
And of course, feel free to call us if you have any questions about the Geelong rental market or anything else. Our number is 5277 2727 or you can find and like our Facebook page for more info and updates like this.
Our page can be found at https://www.facebook.com/GeelongPM