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Melbourne’s Vacancy Rate Tightens

By Angela Hill

If you're looking to rent or buy property in Brunswick it's important that you keep an eye on what's going on nearby such as circumstances for Coburg or Pascoe Vale real estate, as well as the general market conditions for Melbourne.

This is because the more informed you are about the circumstances surrounding your purchase, the more likely you are to be able to find a good deal for yourself.

On August 26 it was reported by the Real Estate Institute of Victoria (REIV) that the number of vacant homes in the middle and outer suburbs of Melbourne reduced and the vacancy rate in July tightened.

The vacancy rate fell from 3.4 per cent in June to 3.2 per cent in July, while the weekly rent for a house only reduced by one dollar to $380. The weekly rent for a unit however showed an increase of five dollars, to $380.

For Victoria as a whole the vacancy rate tightened from 3.7 per cent to 3.4 per cent. This is something you may want to take into account if you're looking for a property to rent or maybe even wanting to find tenants for your own property.

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