Regional Victoria’s rental vacancy rate dropped to a record low of 1.3 per cent in October 2018, compared with the metropolitan rate of 2 per cent.
Demand is outstripping supply of rental properties in most regional areas with vacancy rates continuing to fall. Three per cent is the required level for a healthy rental market.
Ballarat and Central Highlands recorded the lowest rental vacancy rate in regional Victoria in October at 0.8 per cent, followed by Bendigo and Loddon at 0.9 per cent and the Latrobe Valley, South and West Gippsland, Wodonga and Ovens- Murray which all have vacancy rates of 1.3 per cent.
Geelong and the Barwon region have the most rental properties available in Regional Victoria with a vacancy rate of 2.0 per cent. Mildura and the Mallee have a vacancy rate of 1.8 per cent, while the rate for Warrnambool, the Western District and Wimmera is sitting at 1.7 per cent.
The median weekly rent in regional Victoria is $330 for a house and $260 for a unit.
The comparatively stronger availability of rentals in Geelong may have contributed to an $8 reduction in the median rental rate for a home in the area, which is now $370 per week. Rents in Ballarat rose by $5 to $320 per week in October while Bendigo’s weekly median rent rose to $320 from $313 in September.
To rent a unit in Geelong, you are looking at a median of $300 (down from $310 in September), while the median rent for a unit in Ballarat is $270 (compared with $275 in September) and Bendigo’s unit median rent has remained at $270.
The REIV compiles our vacancy rate data from member surveys. We invite local agents who want to be included in this survey to email us at firstname.lastname@example.org.