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No relief in sight for Melbourne renters

The metropolitan rental market is still out of kilter, with renters outweighing vacancies, according to Enzo Raimondo of the REIV

The rental vacancy rate for Melbourne in September was 1.4 per cent, a minor reduction compared with June when it was 1.5 per cent

In the inner city, the vacancy rate improved from 1.1 per cent to 1.4 per cent; in the middle suburbs it reduced from 2 per cent to 1.8 per cent. The outer suburbs retained the tightest market, with a 0.7 per cent rental vacancy rate compared with 0.8 per cent in June.

The lack of available rental houses continues to drive increases in rents. According to the Office of Housing, the rent for a three-bedroom house has, depending on the location, increased by between 3.9 per cent and 11 per cent in the past year. The comparative figure for a two-bedroom unit or apartment is a rise of between 3.1 per cent and 8.3 per cent.

And with Melbourne’s population increasing strongly and little new medium density development occurring, there continues to be no sign of improvement in the short to medium term.



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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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