Well it may be a sign of a correction, but this is the third month in a row where Geelong’s vacancy rate has increased where it is now 1.4%. And as usual, Melbourne’s vacancy rate has opposed ours where it has fallen for the third month in a row to 8.0% in Inner Melbourne and 6.3% in the Melbourne Total category.
Median rents haven’t changed much from last month.
2 bedroom units in Greater Geelong are sitting at their stable 4-month median of $340 per week. And 2 bedroom houses are at the same 3-month median of $340 too. The only change this month is 3 bedroom houses where the median rent has risen another $5 to $390pw.
Although the rent data in Geelong is stable and our vacancy rate has risen slightly, we are not worried about leasing properties. Even the snap-lockdown didn’t deter rental enquiries nor did it slow us down in leasing properties at our normal fast pace.
If you have a property to lease or if you have any questions about the rental market or anything else, please feel free to call me or the team on 5277 2727. You can also connect on our Facebook page too.
Our page can be found at https://www.facebook.com/GeelongPM