Melbourne Rental Market Update August 2018

The REIV recently gave their take on the Melbourne rental property market

Victoria’s vacancy rate stands at 1.8 per cent in July 2018.

The weekly median rent for houses in metropolitan Melbourne remained at $450 in July.

In regional Victoria, the weekly median rent for houses remained at $330 per week.

The weekly median rent for units rose $10 to $430 per week in metropolitan Melbourne and fell $20 to $255 per week in regional Victoria.

Vacant rate across metropolitan Melbourne was at 1.9 per cent in July.

Within Melbourne’s sub-regions, vacancy rates in the middle suburbs rose to 2.5 per cent in July, while the inner suburbs remained at 1.8 per cent and the outer suburbs remained at 1.6 per cent.

The vacancy rate in regional Victoria fell to 1.5 per cent in July.

The vacancy rate in the Ballarat region fell to 1.1 per cent, while in the Geelong region vacancy rate rose to 1.9 per cent.

The vacancy rate in the Bendigo region fell slightly to 1.3 per cent.

Rents for houses in Geelong fell by $8 to $370 per week.

Those in Ballarat fell by $5 to $325 per week and those in Bendigo fell to $300 per week.

About Leanne Jopson Leanne is National Director of Property Management at Metropole and a Property Professional in every sense of the word. With 20 years' experience in real estate, Leanne brings a wealth of knowledge and experience to maximise returns and minimise stress for their clients.