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
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 2727.
