Market News: Rental Vacancy Extremely Low!

18, 03, 2024

“New PropTrack data showed that the national vacancy rate declined 0.12 percentage points (ppt) to 1.07% in February.

The crisis has worsened significantly since the pandemic, with national levels of available rental homes plummeting 60% since March 2020. “

Rising Rental Price

According to the latest data from PropTrack, as of January this year, the median rent in Melbourne has risen to $520 AUD per week, which is $70 AUD (15.6%) higher than January last year.

In other words, tenants now have to spend an additional $10 AUD per day or $3600 AUD per year to have a place to live in Melbourne. The rent increase in the Chinese community area of Box Hill is also significant, reaching 27%. Rent has increased by $125 AUD per week, ranking fourth in terms of increase.

Currently, it is difficult to find a 2-bedroom apartment property for less than $650 AUD per week in the Box Hill market, and the rent for some conventional 3-bedroom properties is also approaching $1100 – $1200 AUD per week.

Reference:

https://www.realestate.com.au/news/extremely-worrying-rental-vacancy-hits-record-low/