Rentals to become more affordable in Victoria?
Finding a rental property in Victoria is becoming easier, with recent figures showing vacancy rates continue to increase across the state.
According to the latest figures from the Real Estate Institute of Victoria (REIV), the vacancy rate in Melbourne surged to 2.3 per cent in December, while in regional parts of the state, the rate lifted to 2.6 per cent.
"Within Melbourne the highest level of vacancies was in the middle suburbs where a rate of 2.9 per cent was recorded. This is well above the 2.3 per cent in November and 1.2 per cent a year ago," the REIV said in a statement.
The inner suburbs of Melbourne and also along the Mornington Peninsula recorded a vacancy rate of 2.5 per cent, while the outer-city suburbs remained tight with just 1.3 per cent availability.
The REIV said the latest results may make renting property in Victoria more affordable over time.
It explained: "The improved level of vacancies has not yet translated into lower rents being asked by landlords, however, if the trend continues, as it is expected to, it will in time result in overall rents either stabilising or reducing in nominal terms."