Rental Market
Victoria's vacancy rate went up to 2.3 per cent in September 2023.
The vacancy rate across metropolitan Melbourne continued to rise to 2.4 per cent over the month. It was unchanged at 1.5 per cent for outer Melbourne for three consecutive months while middle Melbourne saw another decrease to 2.2 per cent. Inner Melbourne's vacancy rate rose to 2.5 per cent.
Regional Victoria's vacancy rate fell to 2.1 per cent in September 2023. The vacancy rate in the Ballarat region remained unchanged at 1.9 per cent for five consecutive months while it went down to 2.9 per cent for Geelong region. Bendigo region saw its vacancy rate rising again to 2.3 per cent.
The median rent in metropolitan Melbourne for houses stayed at $550 per week, while it stayed at $500 per week for units for four consecutive months. The median rent for regional houses also remained unchanged at $450 per week while it went up to $370 per week for units over the month.
Median weekly rent for houses in the Ballarat and Bendigo region saw increases to $420 and $460 respectively. Rental houses in Geelong region also recorded an increase on their median rents to $490 per week.
Rental Market
VACANCY RATES, 6-month
MEDIAN HOUSE RENTS
SEPTEMBER 2023
AUGUST 2023
SEPTEMBER 2023
AUGUST 2023
average trend
Inner
$740
$720
Inner Total
Inner (0-4Km)
2.5
2.4
Middle
$560
$550
Outer
$510
$500
2.8
2.7
Metro Melbourne
$550
$550
Inner (4-10Km)
1.6
1.6
Geelong
$490
$470
Middle (10-20Km)
2.2
2.5
Ballarat
$420
$400
Outer Total
1.5
1.5
Bendigo
$460
$450
Outer (20+Km Exc. Mornington
1.2
1.2
Regional Victoria
$450
$450
Pen.)
MEDIAN UNIT RENTS
SEPTEMBER 2023
AUGUST 2023
Outer (Mornington Pen.)
4.1
3.7
Inner
$525
$525
Metro Melbourne
2.4
2.3
Middle
$510
$500
Geelong
2.9
3.0
Outer
$460
$450
Metro Melbourne
Bendigo
$500
$500
2.3
2.2
Geelong
$420
$395
Ballarat
1.9
1.9
Ballarat
$350
$340
Regional Victoria
2.1
2.2
Bendigo
$350
$340
Victoria Total
2.3
2.2
Regional Victoria
$370
$350
