Vacancy Rise Eases Melbourne’s Rental Market

The median rent for Melbourne fell by 1.4 per cent to $360 in the June quarter.
The median rent for Melbourne fell by 
1.4 per cent to $360 in the June quarter.

With the easing rental market, it is more crucial than ever that your investment is managed by  professional, experienced property managers in order to maintain tenancy and top market rentals.
Why use True Property Management?
Our directors, Anne and Tony Warren have shared their passion and commitment to the property management industry by training property managers and consulting to real estate principals throughout Australia, New Zealand and the United States.  They have also been key-note speakers at numerous real estate and property management conventions both nationally and internationally.  More about True Property Management.

 

Article: Vacancy rise eases market

Simon Johanson

MELBOURNE’S tight rental market is showing signs of easing, with vacancy rates for all metropolitan areas rising above 2 per cent for the first time in six years. An apartment boom in the city – 65 per cent of all projects launched since 2008 are under construction – has helped boost the CBD vacancy rate to 2.5 per cent.

A year ago the vacancy rate was just 0.9 per cent and renters were competing with queues of property applicants at house inspections and bidding up rents to get a home.
The latest Real Estate Institute of Victoria figures taken from a sample of 45,000 properties showed suburbs within a 10-kilometre radius of the city had a vacancy rate of 2.4 per cent. There was more pressure on renters in middle and outer suburbs, which had a slighter lower vacancy rate – the proportion of unlet dwellings to the total rental roll – of 2.1 per cent. ”It’s still well below the three per cent needed for a balanced market but renters will hope it continues,” REIV spokesman Robert Larocca said.
Landlords were also charging less rents, figures from Fairfax-owned Australian Property Monitors show. The median rent for Melbourne fell by 1.4 per cent to $360 in the June quarter, while rents for units remained steady at $350.
But while the burden on middle-class renters was easing, lower income tenants were still facing tough conditions, Tenants Union of Victoria spokesman Toby Archer said.
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