Firstly, we’d like to apologise to not making an April update. But frankly, April 2020 is month many of us would rather forget and it seems that the REIV was also feeling the pressure because their data was not released until the very end of the month anyway. That REIV data, however, is now back to normal so let’s get into it!
In April, 2 bedroom units had a median rent of $330 per week across Geelong and this has not changed since December. 2 bedroom houses are also remaining at their median rent of $330 per week while 3 bedrooms houses are back to a median rent of $380 per after touching $385 per week in the March data.
Geelong’s vacancy rate is now at 2.4% – a new high up from 2.2% last month. That figure is surprising because during this time, our properties have leased very well and very fast but that is probably due to our 3D tours that we have provided for all properties during the recent lock-down restrictions.
Now, speaking of COVID-19, we will be hosting a free information event via webinar next Wednesday the 27th of May at 6pm on our Facebook page. This will include everything that landlords should know about the new laws that simply didn’t exist 2 months ago relating coronavirus, new landlord responsibilities and tenant rights. This is the link to this event: https://www.facebook.com/GeelongPM/posts/907438619694121
Other than that, it’s business as usual except for a few new COVID-19 quirks. If you have any questions about the Geelong rental market or upcoming information session, please feel free to call us on 5277 2727 or like our Facebook page for more info and updates like this. Our page can be found at https://www.facebook.com/GeelongPM