Melbourne's inner city vacancy rate jumps from 3.3% to 3.7%: REIV

Jonathan ChancellorAugust 11, 2013

There's been a slight tightening in Melbourne’s vacancy rate from 3.4% in June to 3.2% in July, but it was accompanied by a significant increase in landlords with vacant inner suburb property.

The Melbourne inner city vacancy rate jumped from 3.3% to 3.7%.

The vacancy rate for the middle suburbs declined from 3.6% to 3%.

The outer suburbs vacancy rate fell from 2.9% to 1.9%.

There have been major recent fluctuations in the inner city vacancy which tightened from 4.4% in April to 3.9% in May, then down to 3.3% in June.

In June 2012 the inner city vacancy rate was 1.9% real which rose to 2.3% in July 2012.

The vacancy rate in regional Victoria tightened further from 3.7% to 3.4% with declines in all three key regional centres.

Ballarat recorded the largest reduction in the vacancy rate from 4% to 2.9%.

The vacancy rate fell in Bendigo from 3.1% to 2.5%.

Geelong's vacancy rate fell from 5.5% to 5.2%.

"This tightening in the vacancy rate led to the weekly regional house rents increasing from $295 to $300 and for regional units from $228 to $250," the REIV said.

 

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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