The Victoria rental market remained tight in January, with metropolitan and regional areas both recording low vacancy rates, according to the latest Market Update from the Victoria Real Estate Institute (REIV ).
During the month, vacancy rates remained stable at 2.2% for the metro and 1.7% for regional areas. Vacancy rates in Victoria have been below 2% since March 2016.
REIV President Leah Calnan said the current state of the Victoria rental market indicates an urgent need for more rental properties.
"Healthy vacancy rates are generally around 3% to 4%. A vacancy rate as low as 1.7% or 2% is not sustainable", a said Calnan. "There is a great demand for more rental properties, and unfortunately many families are still struggling to get a rental home."
The median rent for Melbourne homes remained at $ 480 per week. In contrast, regional centers experienced a slight drop in median weekly rents to $ 350.
Read also: Victoria facing a threat of supply disruption
Calnan said concerns over changes to state's rental laws could affect the feelings of property owners and investors.
New rules are expected to be implemented in Victoria this year. Under the changes, tenants will be allowed to make minor changes to the property without the owners' consent. The new laws will also prohibit landlords from evicting their tenants without cause at the end of a fixed-term agreement.
"Many landlords remain confused about upcoming changes to rental laws introduced by the Victorian government, with many worried about how the new regulations will affect them. The government needs to work more closely with landlords and the real estate to ensure more homes are available for rent, "said Calnan.
The tables below show the vacancy rates in all of Victoria:
The vacancy rate in Melbourne remained tight in January 2020 at 2.2%.
The Victoria regions maintained an average vacancy rate of 1.7% in January 2020.
Top suburbs:
miller
,
fresh water
,
Midland
,
Goulburn
,
belmont
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in a property, it is important to make sure that you not only have the lowest available rate you can get, but also
Just fill in a few details below and we will then arrange for a local Australian mortgage broker to contact you and determine the features or types of loans that suit your needs. We will even help you with the paperwork. In addition, an appointment is free.
We value your privacy and treat all of your information seriously – you can check
our privacy policy here
