This month’s data from the Real Estate Institute of Victoria shows a market beginning to settle into the new numbers and possibly even the new normal.
Melbourne’s “Inner” vacancy rate has fallen to 2.2% which is good news for city investors. Melbourne’s Total measure has also fallen slightly to 2.3% but Regional Victoria is again finding it hard to break the 2% barrier. 2% is a good and relatively normal vacancy rate but the concern is our Geelong market.
Last February, our vacancy rate was 1.6% but in the post-pandemic data, we are nearly double that vacancy rate at 3.1%.
At GPM, we are still feeling the slower market with more rental stock than usual and less people at our inspections.
Median rents are also relatively unchanged since last month.
2 bedroom units have remained unchanged and showed a median rental figure of $390 per week. 2 bedroom houses are the only median measure that has changed with a new figure of $390 per week. And 3 and 4 bedrooms houses are unchanged at $450 and $520 per week respectively.
If you have any questions about the state of the rental market, please feel free to give us 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