Rental vacancies at 25-year low

Enzo Raimondo, REIV CEO said that during the last twelve months the rental vacancy rate in Melbourne has not risen above 1.7 per cent.

“Data collected from REIV agents for March 2007 shows no indication of a relaxation of the tight rental market. There is virtually no change from last month’s record low with Melbourne’s rental vacancy rate at 1.2 per cent.

“The last time we saw twelve consecutive months with a vacancy rate around 1.5 per cent was 1981, 82 & 83 when the vacancy rate ranged between 1.0 and 1.3 per cent.

“The tight situation is being experienced in all parts of Melbourne, the inner city has a vacancy rate of 1 per cent, the middle ring of suburbs is 1.4 per cent and outer suburbs 1.2 per cent.

“As a community we urgently need to find ways to encourage more investment in the housing market. If this tight market continues the upward pressure on rents will be very strong.

“The recent announcement by the Victorian State Government of half a billion dollars for 2350 public housing dwellings to be developed over the next four years will help many families find secure and affordable homes.

“However there is a need for ongoing policy development to boost private sector investment in housing, which will help ease vacancy rates” Mr Raimondo concluded.

 
Mar 2007
Feb 2007
Jan 2007
Mar 1983
Mar 1982
Mar 1981
Melbourne Inner (0-4km)
1.1
0.6
0.8
     
  Inner (4-10km)
1.0
0.8
1.0
     
  Inner Total
1.0
0.7
0.9
     
  Middle
1.4
1.8
1.7
     
  Outer
1.2
1.0
0.9
     
Melbourne Total
1.2
1.2
1.2
1.3
1.0
1.2

REIV

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