Slight tight­en­ing for va­cancy rates

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Herald Sun - Property - - FRONT PAGE -

THE re­duc­tion in the num­ber of va­cant homes in the mid­dle and outer sub­urbs led to a tight­en­ing in Melbourne’s va­cancy rate last month. The rate fell from 3.4 per cent in June to 3.2 per cent in July.

The weekly rent for a house re­mained rel­a­tively sta­ble at $380, down from $381 in June, and has also re­mained sta­ble from this time last year.

The weekly rent for a unit in­creased from $375 to $380, re­flect­ing a 6 per cent in­crease from last year.

There was an in­crease in va­can­cies within the in­ner sub­urbs, from 3.3 per cent to 3.7 per cent, mak­ing it the high­est va­cancy rate in the metropoli­tan area.

The va­cancy rate for the mid­dle sub­urbs de­creased from 3.6 per cent to 3 per cent, while the va­cancy rate for the outer sub­urbs fell from 2.9 per cent to 1.9 per cent.

While the over­all weekly house rent in Melbourne re­mained sta­ble, there was a 4.2 per cent re­duc­tion in the mid­dle sub­urbs to $375 and a 3.6 per cent in­crease in the in­ner sub­urbs to $520.

The in­crease in the weekly unit rents in Melbourne this month was largely due to an in­crease in the outer sub­urbs from $301 to $305.

The va­cancy rate in re­gional Vic­to­ria tight­ened fur­ther from 3.7 per cent to 3.4 per cent, with de­clines in all three key re­gional cen­tres.

Bal­larat recorded the largest re­duc­tion in the va­cancy rate, from 4 per cent to 2.9 per cent. The va­cancy rate in Bal­larat fell from 3.1 per cent to 2.5 per cent and in Gee­long from 5.5 per cent to 5.2 per cent.

This tight­en­ing in the va­cancy rate led to the weekly house and unit rents in­creas­ing from $295 to $300 and from $228 to $250 re­spec­tively. Enzo Rai­mondo is Real Es­tate In­sti­tute of Vic­to­ria chief ex­ec­u­tive of­fi­cer

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