The metropolitan rental market continues to be in a state of imbalance, with vacancies more than outweighed by renters.
The rental vacancy rate for Melbourne in September was 1.4 per cent, a minor reduction compared to June when it was 1.5 per cent.
In the inner city the vacancy rate improved from 1.1 to 1.4 per cent; in the middle suburbs it reduced from two per cent to 1.8 per cent; and the outer suburbs retained the tightest rental market, with a 0.7 per cent rental vacancy rate compared to 0.8 per cent in June.
The lack of available rental homes continues to drive increases in rents. According to the Office of Housing, the rent for a three-bedroom home has, depending on the location, increased by between 3.9 and 11 per cent over the last year. The comparative figure for a two-bedroom unit or apartment is a rise of between 3.1 and 8.3 per cent.
There continues to be no improvement possible in the short- to medium-term.
Conditions in the regional Victoria rental market was very similar to the metropolitan one, with a rental vacancy rate of 0.7 per cent in September compared to one per cent in June.
The Bendigo region continues to have the lowest level of available rental homes, with a vacancy rate of 0.2 per cent compared to 0.4 in June. In the Geelong region it dropped from 1.3 per cent in June to 0.9 per cent in September and in the Ballarat region there was a small improvement from one to 1.2 per cent.
Source: http://www.reiv.com.au
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