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Easing of inner-city rental vacancy rate
Thursday, March 25, 2010
The REIV rental vacancy rate for Melbourne in February 2010 was 1.7 per cent, up from 1.5 per cent in January.
REIV CEO Enzo Raimondo said that there was a clear improvement in the inner-city vacancy rate over the last quarter, which was good news for renters.
“The overall rental vacancy rate for Melbourne and regional Victoria has remained stable over the past three months and conditions do seem to be improving in suburbs within four kilometers of the CBD.
“The average vacancy rate over the last three months in the inner city was just over two per cent, which is the best it has been in suburbs such as Richmond, Fitzroy and Carlton in four years.
“Time will tell if conditions for renters continue to improve to our preferred three per cent vacancy rate or tighten once more.
“Unfortunately, conditions for renters in all other parts of Melbourne have not improved.
“In the middle suburbs the vacancy rate eased slightly from 1.5 to 1.7 per cent and in the outer suburbs it also eased from 1.2 to 1.6 per cent.
“The vacancy rate in regional Victoria remains tighter than it is in Melbourne.
“The recent announcement by the State Government for an additional 4,500 new subsidised private rental homes is welcome and, when delivered, will take some pressure off the market. If all the promised homes were delivered tomorrow it would improve the vacancy rate by one per cent.
“The additional subsidised private rental homes is an example of the sort of investment in the state’s rental housing that is necessary to address the systemic problems in the state’s rental market – and more is required,” Mr Raimondo concluded.
- REIV
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