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Rental vacancy rates in outer suburbs continue to fall

According to REIV April rental vacancy survey, rates in the outer suburbs have tightened even further to 0.6 per cent.

Greater Melbourne remained low and reasonably stable at 1.6 per cent, well short of the 3 per cent considered to be a balanced market.

REIV CEO Enzo Raimondo said “The availability of rental homes has not improved in three years and shows no sign of improving in the near future”.
Mr. Raimondo urged that the only solution to this growing issue of accommodating our growing population is to build more homes where people want to live. Especially for those that want to live in the growing outer suburbs.
Adding that if dwelling commencements do not increase soon, the vacancy rate will contract further as the population increases.
“A similar situation exists in the key regional centers: Geelong, Bendigo and Ballarat. In each case the vacancy rate is worse than in Melbourne, with Bendigo REIV Members reporting practically no vacancies,” Mr. Raimondo concluded.