Victoria's regional rental markets perform better than the capital market, with the former reporting a decrease in vacancies, according to the latest figures from the Real Estate Institute of Victoria (REIV).
The vacancy rate in the Victoria area fell to 1.8% in June, lower than that of Melbourne.
Gil King, CEO of REIV, said the rental market in the Victoria area is tightening, pushing up rental prices in some areas. Geelong, for example, saw a $ 10 increase in rental prices to $ 400 per week.
"Rental prices in the Victoria area hold steady, with median house rents remaining unchanged at $ 350 per week for the past six consecutive months. Regional units are at $ 300 per week, an increase of 5 $ from the previous May, "he said in a report in The Real Estate Conversation.
King said the low vacancy level in June indicates strong demand for long-term rental housing in regional markets. Additionally, it shows that the state's rental markets are well positioned to withstand the effects of the COVID-19 outbreak.
“As the availability of long-term housing in Victoria continues to grow, there is an urgent need to find more rental housing to meet growing demand. We need more rental stock to meet the ever-increasing housing needs of our communities, ”he said.
However, rental markets have been one of the housing segments most affected by the COVID-19 outbreak. Michael Yardney, director of Metropole Property Strategists, said Victoria's step four restrictions will discourage many tenants from moving.
"The rental market has been hit harder than the buyer's market in the current downturn, with a combination of falling demand and increasing supply," he said. he stated in his recent think tank in Property Update.
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