This is the reporting month that we thought we would see the biggest impacts of COVID, however, the REIV data shows that Geelong’s rental market is stable. In fact, if you look at the numbers alone, you can’t really see a problem at all.
In May, 2 bedroom units remained at their median rent of $330 per week while 2 bedroom houses also remained at the same price. And 3 bedroom houses haven’t changed and remain the median rent of $380 per week.
The region’s vacancy is unchanged at 2.4% which is very different to Inner Melbourne where the vacancy rate has risen again where it is now at 2.9%. Pre-COVID, the Inner Melbourne rate was 1.9% but the jump is easily attributed to the lack of international students and holiday-workers who had to return to their home countries before our lock-downs.
As usual, our own experience at GPM is unchanged with quality properties renting quickly. In fact, we have leased another property for a purchaser investor with only one inspection before the property had even settled! This is means the investor’s asset starts returning immediately without any downtime so everybody wins! We have some great relationships with sales agents around town, so if you ever need to sell, feel free to chat with us first.
And also 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 find and like our Facebook page for more info and updates like this.
Our page can be found at https://www.facebook.com/GeelongPM