The latest REIV data continues to show a low and steady vacancy rate of 1.6% across the region. The median rent for 2 bedroom houses remains at $320 per week while the median rent for 3 bedroom houses also remains steady at $360 per week. The median weekly rental for 2 bedroom units, however, has risen again with another $5 added to a new high of $320 per week. While this is average rise, together with new record-low interest rates is good news for landlords, it is not good news for all in town with Geelong’s rental affordably featuring on the front page of the Geelong Advertiser last week.
Having said that, we are continuing to lease some really great properties quickly so the rental market and prices are strong.
Winter is truly here and the recent heavy rains have transformed our beautiful city.
The rain has also caused its fair share of water damage, particularly with incidents involving blocked gutters and down-pipes. At Geelong PM, we like to be pro-active with preventative maintenance – especially when it comes to clearing gutters because at the end of the day, it’s simply cheaper to have someone clear your gutters and drains than to have someone fix plaster and paint on ceilings and walls. If you’re not a Geelong PM client, make sure you diarise to contact your property manager in about late May to book-in a gutter clean.
And as always, we invite you to check out our Facebook page and hit that “like” button for market updates and information like this. 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.
