Rental vacancy rates
According to the Real Estate Institute of Victoria’s most recent data on the rental market, the availability of rental homes has contracted slightly in the three months ending in July. In regional Victoria, vacancy rates remain tight in Bendigo (1 per cent) and in Ballarat (1.9 per cent) but high in Geelong, where a rate of 4.7 per cent was recorded. The Real Estate Institute of NSW recorded a slight increase in availability of rental homes in the Riverina in the past month (2.7 per cent v 2.4), but down since February (2.7 v 3.9). More broadly, in regional Victoria a higher vacancy rate is recorded than in metropolitan Melbourne, a situation opposite to that reported a year ago. Overall, vacancy rates are slightly lower than a year ago. At the same time, many REIV members are reporting less competition for vacant homes than was the case a few years ago.