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August Vacancy Rate Update

By Jamil Allouche

Are you considering purchasing property in Brunswick? You might want to pay attention to the vacancy rate update for Melbourne that was released on September 23.

According to the Real Estate Institute of Victoria (REIV), Melbourne's vacancy rate increased over August, follow a reduction in July. The overall jump was significant – from 3.2 per cent to 3.7 per cent, the highest level so far this year.

This is largely due to increases in amount of vacant properties in the inner and middle suburbs. The outer suburbs have managed to remain low rates at below two per cent.

The inner city vacancy rate managed to reach 4.7 per cent, while middle suburbs increased to 3.2 per cent.

Outer suburbs remained stable at 1.9 per cent, making it the tightest rental market in the city. This was reflected in rental prices, as weekly rent from houses rose from $340 to $350. For units, weekly rent rose from $305 to $320.

These figures might help you decide where you want to purchase your property in Melbourne to take advantage of the rental market, but always remember to talk to a property expert before you commit.

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