For the 11th month in a row, we have seen Geelong’s vacancy rate fall. This month, it is sitting at only 1.1% which is great news for Geelong landlords but once again it is a completely different story in Melbourne.
The Melbourne vacancy rates we’ve been reporting on during the pandemic have only risen .1 of a percent when the Inner Melbourne rate is now 7.7% and the Melbourne Total rate is 6.0%.
Hopefully, this slowing trend will mean good news for our city neighbours very soon.
The median weekly rental data in Geelong for this month shows mixed results. 2 bedroom units have risen again and now have a weekly median rent of $340 per week which is a new high. Houses, however, remain stable with the rents being the same for the 5th month in a row. 2 bedroom houses have a median rent of $330 per week and 3 bedroom houses are sitting at $380 per week again.
Now, here is some big news: It’s likely that you are watching this video after the 29th of March which means that the huge changes to the laws that govern renting in Victoria are now in effect. Throughout March, I sat down with our director, Hayley Mitchell, to film 16 videos which explain some of the changes for both tenants and landlords who, for example, are now referred to as “renters” and “rental providers” in the new legislation. To see these short videos, just check out our Facebook page and if you have any questions about the new laws, the local market, or anything else, please call us on 5277 2727.
Our page can be found at https://www.facebook.com/GeelongPM