This month’s data shows more good news for Geelong but unfortunately the same can’t be said about Melbourne. The Inner Melbourne vacancy rate has now jumped to 5.3% with the Melbourne total rate also higher at 4.3%.
But here’s Geelong’s good news: our vacancy rate is now better than it was this time last year at only 1.9%.
This means that demand is slowly exceeding supply which might result in higher rental prices.
Across Geelong, 2 bedroom units have remained at the median rent of $330 per week, 2 bedroom houses are unchanged at $335 per week, and 3 bedroom houses are also remaining at their three-month usual of $385 per week.
With the latest round of eased restrictions in Melbourne, we’re hoping our Melbourne landlords can see some positive movement in the market, but for now in Geelong, it’s business as usual with our super-fast lettings and low days-on-market.
If we can help you lease a property or if you have any questions about the current state of the local market, please feel free to call me or our team any time. Our office number is 5277 2727. Or you can get in contact via our Facebook page too.
Our page can be found at https://www.facebook.com/GeelongPM