Rental Market
Victoria's vacancy rate stayed at 2.3 per cent in October 2023.
The vacancy rate across metropolitan Melbourne stayed at 2.4 per cent over the month. It was unchanged at 2.2 per cent for middle Melbourne while outer Melbourne saw a decrease to 1.3 per cent. Inner Melbourne's vacancy rate rose to 2.6 per cent.
Regional Victoria's vacancy rate rose to 2.2 per cent in October 2023. The vacancy rate in the Geelong region remained unchanged at 2.9 per cent while it went down to 2.2 per cent for Bendigo region. Ballarat region also saw its vacancy rate went down to 1.8 per cent for the first time in six months.
The median rent in metropolitan Melbourne for houses stayed at $550 per week for three consecutive months, while it rose to $520 per week for units. The median rent for regional houses went up to $460 per week while it saw another increase to $380 per week for units over the month.
Median weekly rent for houses in the Ballarat and Bendigo region saw decreases to $410 and $450, respectively. Rental houses in Geelong region remained stable on their median rents at $490 per week.
