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Property News

Residential rental vacancy rate eases in Melbourne

February 29, 2012

Melburnians seeking rental property may be encouraged by recent numbers from the Real Estate Institute of Victoria (REIV).

February figures show an average 2.4 per cent vacancy rate of residential rental properties across the city. 

REIV chief executive officer Enzo Raimondo said the easing would be well-received by Melbourne renters but noted regional availability of homes continues to be low.

He also conceded that although the overall levels of vacancy have increased, prices remain high.
Most of the numbers, however, did reveal improvement.

Mr Raimondo said: "Within the suburbs between four and ten km of the CBD the vacancy rate is 2.6 per cent compared to 2.1 per cent in December. The middle suburbs have recorded a substantial easing from 1.2 to 2.2 per cent."

An ideal equilibrium would be "a vacancy rate of three per cent", so the numbers do seem to be headed in a positive direction.

The figures come on the heels of a recent announcement to expand the central business district - confirming the need for the plan that intends to increase living space in the CBD.

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