This month’s REIV data is continuing to prove how awesome Geelong is right now! By that, I mean that our rental vacancy rate is now just 1.7% – that’s down from 1.9% last month.
This means that our region’s rentals are in high-demand but unfortunately it continues to be a completely different story in Melbourne.
The inner Melbourne vacancy rate has INCREASED from 5.3% from last month to 6% this month. Even the Melbourne region rate is high at 4.6% up from 2.2% pre-COVID-19.
We predicted last month that the increases in rental returns might plateau a little and we were spot on. With a slight backward-step, 2 bedroom houses have dropped $5 to a median rent of $330 per week. 3 bedroom houses have also dropped $5 to a median of $380 per week but 2 bedroom units remain steady at their long-term average of $330 per week.
GPM’s recent and ongoing experience is still excellent. For us, the Geelong rental market is incredibly strong and we are continuing to lease properties fast, with our days on market below 12. So if you are thinking about listing your property, I can confidently say that now is a good time. And if you have questions about the market or if you need any general advice please feel free to contact me or the team on 5277 2727. Or you can like our Facebook page too for regular info, off-market listings and more.
Our page can be found at https://www.facebook.com/GeelongPM