After a long break from blogging, we’re back with Geelong’s latest rental data! We’re also doing things a little bit differently with the use of some simple graphs instead of our usual videos.
Since our last update, the world is very different. The Melbourne COVID exodos has slowed and the cost of everything has increased with staff-shortages, war, energy and of course, interest rates.
The beginning of 2022 saw the beginning of the reversal of rental vacancy rates across the state.
The below graph shows the correction of vacancy rates in Melbourne and Victoria towards the pre-COVID levels but on the other hand, Geelong’s vacancy rate has consistently risen to 3.1%.
Towards the end of winter, our leasing times were a little longer than usual. They have recovered a little with the weather but data shows what we are feeling on the ground at Geelong Property Managers.
It also seems counter-intuitive that while vacancy rates have increased in Geelong, so too have median rents.
Currently 2 bedroom units and houses are at $380 per week, 3 bedroom houses are $440 per week, and 4 bedroom houses are $510 per week.
As always, if you have a vacant property or 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