Last month we reported a rise in Geelong’s vacancy rate and a decline in Melbourne’s rate. We mentioned that this may be a sign of a correction and with this month’s data showing the same, we are once again believing this is an adjustment toward the old normal.
Geelong’s vacancy rate is now 1.5% across the region and the Inner Melbourne rate is now 7.6% with the Melbourne Total measure also falling to 6.1%.
But with the increasing vacancy rate, rents have also risen across all our reporting categories. Two bedroom units have risen $8 to a new median high of $348 per week. Two bedroom houses have also risen $10 to a new high of $350 per week and the 3 bedroom house category has had a small rise of $5 per week to a new median high of $395 per week. We’ve also decided to start reporting on 4 bedroom houses because they are becoming very common especially in new builds. One year ago, 4 bedroom houses had a median rent of $440 per week and for the past 2 month they have been sitting at $460 per week. This month, however, they have also increased $10 to $470 per week.
With all these figures, it’s easy to see that Geelong’s rental market is strong and it continues be resilient to the pandemic. This month has seen two weeks of state-wide lockdowns and we have had not felt a slowing in our leasing activities at all. 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 me 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