Rental Market
Victoria's vacancy rate stayed at 2.2 per cent in February 2024.
The vacancy rate across metropolitan Melbourne went down to 2.2 per cent over the month. Middle and outer Melbourne saw their vacancy rates increasing to 2.4 and 1.2 per cent, respectively, while it continued to decline for inner Melbourne to 2.3 per cent in February 2024.
Regional Victoria's vacancy rate remained unchanged at 2.1 per cent in February 2024. The vacancy rate in the Ballarat and Bendigo region decreased to 1.4 and per cent, respectively. Geelong region saw its vacancy rate staying at 3.0 per
1.7
cent.
The median rent in metropolitan Melbourne for houses and units remained stable at $570 and $550 per week, respectively. The median rent for both regional houses and units was also unchanged at $460 and $380 per week, respectively, over the month.
Median weekly rent for houses in the Ballarat and Bendigo region went down to $420 and $440, respectively, in February 2024. Rental houses in Geelong region continued to see an increase on their median rents to $500 per week.
