Melbourne rental property markets experience increase in vacancy rates
The property markets in the Victorian capital are beginning to turn in the favour of renters - according to a leading industry body.
Melbourne vacancy rates recorded by the Real Estate Institute of Victoria (REIV) stepped up by 0.7 per cent in October over the previous month's results - pushing it up to 3.1 per cent.
This is the first time since 2006 that the figure has gone above three per cent - perhaps indicating that the rental properties are due to become more affordable in the near future.
With 349,000 rental homes estimated by the institute to be situated in Melbourne, this means that there could be as many as 10,800 vacant residential properties in the market.
The REIV press release was quick to point out that the overall rate is not representative of regional results and that market variation is very much in evidence - with tight markets in the inner city and outer suburbs, but softer conditions in the middle range.
While the improved availability of rental properties could be good news for those seeking new accommodation, it could also serve to provide investors looking to enter into the market with a reason to investigate their chosen area carefully.