The REIV February rental vacancy rates show that the availability of rental homes in Melbourne remained stable, with a vacancy rate of 1.4 per cent. Inner city vacancy rates have fallen below 1.0 per cent.
REIV CEO Enzo Raimondo said that the city requires greater private and public investment in rental accommodation to house our increasing population.
“The fact that the rental vacancy rate has not been above two per cent for over three years is a significant problem, it is leading to rental costs increasing at the same time as we are seeing significant improvements in affordability for home owners."
The February vacancy rate remained steady at 1.4 per cent with the largest changes occurring in the inner city (0-4k from CBD) where the vacancy rate dropped from 1.4 in January to 0.9 per cent, and the inner city (4-10k from CBD) where it improved from 1.1 per cent to 1.7 per cent. Vacancy rates in individual suburbs will vary.
“We hope that the combined impact of the federal government stimulus package and commitments to speed up planning approval processes leads to an improvement in the availability of rental homes, however it will still take some time,” Mr Raimondo concluded.
|
Feb |
Jan |
Dec |
Feb |
|
|
2009 |
2009 |
2008 |
2008 |
|
|
MELBOURNE Inner (0-4km) |
0.9 |
1.4 |
1.2 |
0.5 |
|
Inner (4-10km) |
1.7 |
1.1 |
1.0 |
1.0 |
|
Inner Total |
1.3 |
1.2 |
1.0 |
0.8 |
|
Middle |
1.7 |
1.6 |
1.6 |
1.0 |
|
Outer |
0.8 |
1.1 |
1.1 |
1.0 |
|
MELBOURNE TOTAL |
1.4 |
1.4 |
1.2 |
0.9 |
|
GEELONG, REGION & BARWON |
1.2 |
1.3 |
1.5 |
1.6 |
|
BENDIGO & LODDON |
0.6 |
0.8 |
1.0 |
2.3 |
|
BALLARAT & CENTRAL HIGHLANDS |
1.2 |
1.2 |
1.2 |
1.1 |
