Melbourne rental vacancy rises slightly in March: REIV
The rental vacancy rate for Melbourne in March was 2.3%, a slight rise compared with the 2% recorded in December, according to the Real Estate Institute of Victoria.
It’s been sitting above 2% for 10 consecutive months, the first time since 2005.
REIV chief Enzo Raimondo says the level of vacant properties is “reasonably consentient” in the suburbs between zero and 20 kilometres from the CBD, with the inner-city vacancy rate at 2.3% compared with 2.4% in December.
The middle suburbs’ vacancy rate sits at 2.3%, compared to 1.2%.
“It is also clear that there is a higher level of vacancies in the suburbs within four kilometres of the CBD,” he says.
In regional Victoria the vacancy rate is 1.6%, continuing the trend of fewer vacant rental homes compared with Melbourne.
Of the three main regional centres, Ballarat now has the lowest level of vacancies, with 0.5% compared with 1.3% in December.
Bendigo, which has been below 1% for just under a year, has a vacancy rate of 0.9% compared with 0.5% in December.
“In both cases vacant rental homes are in short supply,” Raimondo says.
Geelong is more similar to Melbourne, with a vacancy rate of 2%, which has improved substantially for renters from the 0.9% recorded in December.
