Victoria’s Rental Vacancy Rate At All Time Low
Another day and another record broken in the Victorian property market. This time, it’s the vacancy rate. It has now plunged to an all-time low! Close to 1200 homes were taken off the rental market in the past month, as Victoria’s vacancy rate plummeted, leading some industry experts to believe the state is heading towards a “rental catastrophe”. Latest statistics revealed the state’s vacancy rate fell to just 1.07 percent in October, meaning renters could be competing for less than 7000 available homes across Victoria.
The latest Census data indicates that there were 624,671 Victorian homes in the private rental market in 2021. Taking into account that recent drop in the vacancy rate, this would mean only 6684 rentals were available in October compared to 7870 in September. Regional Victoria also had one of the steepest falls in available homes, with the vacancy rate dropping below 1 percent and overall the entire state’s vacancy rate was 1.07% percent in October.
And as far as we can tell, this is one of the main factors keeping the sales market buoyant. Then there’s that great argument, “Oh interest rates are too high their at 6%”. Well, actually if you’re renting they’re 100%. We’d love to hear what you think?
As always if you’re considering, buying, selling, leasing, or referring, we’d love to help.