In October the rental market remained stable in Victoria in terms of the level of vacancies and rents charged.
The vacancy rate for Victoria was 1.9%, compared with 2% in September. In Melbourne the vacancy rate was also 1.9%, slightly lower than the 2% recorded in September. In regional Victoria it remained stable at 2%.
Within the metropolitan area inner Melbourne had the highest level of vacancies, with 2.6% recorded in those suburbs within four kilometres of the CBD. As you move further from the CBD the vacancy rate tightens, with 2% in the middle suburbs and 0.9% in the outer suburbs.
The median rent being asked in Melbourne was $370 per week for houses. This is lower than the $380 being asked in July and reflects an easing of conditions in the market.
In regional Victoria the tightest vacancy rate was found in Bendigo, where it was 0.7%, down from 0.9%. In Geelong the vacancy rate tightened from 3.5% to 2.8% and in Ballarat it eased from 1.3% to 1.5%.
Rents remained reasonably stable, with a weekly median rent of $300 per week for a house being recorded, compared with $295 in September.
For the first time the REIV is publishing a vacancy rate for the Mornington Peninsula. In October the vacancy rate was 1.6%, compared with 3.3% in September.
Enzo Raimondo is CEO of the Real Estate Institute of Victoria.