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Rental market tight in VIC

By webmaster
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Melbourne’s outer suburbs are showcasing strong potential for investors with vacancy rates in the area the lowest in the city.

According to the Real Estate Institute of Victoria (REIV), the vacancy rate in the outer suburbs of Melbourne was 1.4 per cent in January.

This compared to 1.9 per cent in the inner suburbs (within 10 kilometres of the CBD) and 2.3 per cent within the middle ring suburbs.

Rental markets are even tighter in regional Victoria, according to the REIV.

“In regional Victoria the vacancy rate remained lower than the metropolitan area at 1.3 per cent,” said REIV chief executive Enzo Raimondo.

Mr Raimondo said the vacancy rate in Bendigo sat at 0.9 per cent, 0.7 per cent in Ballarat and 1.7 per cent in Geelong.

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