Rise in Victorian rental property vacancy rates in April
Rental properties were more available in Melbourne in April, according to new data released yesterday (April 2) from the Real Estate Institute of Victoria.
The vacancy rate for the city was raised from 2.8 per cent in March to 3.2 per cent in April, and the median rent for a residential property dropped from $395 to $382 per week.
The inner city had an even greater growth in vacancy rates, shifting from 2.8 per cent to 4.4 per cent.
Policy and public affairs manager of the institute Robert Larocca explained the shift by saying: "The rental market is showing the impact of policies over the past few years that were designed to boost the supply of dwellings.
"ABS (Australian Bureau of Statistics) dwelling completion data for Victoria shows that in the last three years, 24 per cent more homes were built than in the preceding three years."
Statistics from the ABS released in April showed that Melbourne has the largest growth of all capital cities in Australia from 2011 to 2012, up by 77,200 people.
Despite these growths, finding an available rental property in the state was statistically easier in April.