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June Rental Update

By Rebecca Richmond

The June REIV rental market statistics show an easing in the rental vacancy rate and decrease in median rents in Melbourne.

Melbourne’s vacancy rate increased from 2.8 per cent in May to 3.4 per cent in June 2013 and there was a decrease in the weekly rent for a house from $390 to $380.

Within the metropolitan area, vacancies remain highest in the middle suburbs where 3.6 per cent of rental homes were vacant compared to three per cent last month. The vacancy rate for the inner and outer suburbs increased to 3.3 per cent and 2.9 per cent respectively from 2.8 per cent and 2.2 per cent last month. These are minor variations given that the vacancy rate has been around three per cent throughout this year and the median rent has also been around $380 as well.

While overall median rents in Melbourne decreased this month, there was an increase in the weekly house rent for the middle suburbs from $380 to $391. The median weekly rent for units in Melbourne decreased from $380 to $375 this month largely due to a decrease in the outer suburbs.

The vacancy rate contracted in regional Victoria from 4.1 to 3.7 per cent with the most significant change being in Geelong, the largest regional centre, where the vacancy rate fell from 6.7 to 5.5 per cent. In Bendigo, the vacancy rate remained stable at 3.1 per cent while in Ballarat, it rose from 2.7 to four per cent. Median rents again remained stable in regional Victoria.

Source: http://www.reiv.com.au

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