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New data shows rental vacancy rates across one state are stable or falling, while some regional markets are offering healthy yields of up to 5.4 per cent.
Real Estate Institute of Victoria (REIV) CEO Enzo Raimondo said recent vacancy data shows that in Geelong, the regional centre with the highest rate, there was a 0.1 per cent fall to 4.4 per cent in October, based on the six-month average trend to 31 October.
“In East Gippsland and Wellington Shire, there was a fall from 3.4 to 3.1 per cent,” Mr Raimondo said.
“In many regional centres, such as Ballarat, the vacancy rate was already low, with housing agencies often struggling to find sufficient accommodation for tenants.
“So, while a further fall in the vacancy rate is unwelcome news for those looking for a place to live, for investors it means continuity of tenancy and the likelihood of a pool of would-be tenants from which to choose,” he added.
Mr Raimondo said in Ballarat and the Central Highlands, the vacancy rate fell from 2.8 to 2.7 per cent, while in Shepparton and Goulburn, Warrnambool and the Western District, it was down to 2.7 per cent from 2.9 per cent. In the Wimmera it was stable at 2.2 per cent.
“Median house rents were up in Geelong, Ballarat and Bendigo in October, while across the state the median rent for a house remained stable at $300 a week,” he said.
“The median apartment rental rate was also stable at $250 a week, but in Ballarat, where the housing market is tight, it rose from $240 to $255 a week.
“Although property investment in regional Victoria can offer healthy returns, local factors such as employment opportunities play a role, and this varies across the state.”