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Melbourne Vacancy Rate Reaches Lowest Point for 2013

By Jamil Allouche

If you're looking to buy a rental property in Brunswick, now is a great time as the vacancy rate tightened in October, providing those who want to rent out a dwelling with many prospects.

In the inner city, the vacancy rate stood at 2.9 per cent in October, down from 3.1 per cent in September, according to the Real Estate Institute of Victoria (REIV).

The outer suburban vacancy rate was extremely tight at 1.8 per cent, down from 2.5 per cent in September.

Suburbs more than 20 kilometres from the city had a vacancy rate of just 1.2 per cent.

For Melbourne as a whole, that meant the vacancy rate fell to 2.7 per cent in the month of October, from 2.9 per cent the month before, reaching its lowest point this year.

While renters may have trouble finding a property, it's good news for those investing Coburg real estate or Carlton property to let.

"Investors are increasingly active in the Melbourne housing market and the latest Australian Bureau of Statistics housing finance data showed a rise in the value of investment housing loans – up by 5.2 per cent, seasonally adjusted, in September," said REIV Chief Executive Efficer Enzo Raimondo.

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