There is a lot of doom and gloom around availability of stock on the Melbourne and Victoria rental market with no signs of relief. Media headlines like: ‘Melbourne’s rental market tightens,’ ‘Rising rents in half of Melbourne suburbs leave tenants behind’ is dominating property news.
According to the ABS weekly rents: Rents in Sydney and Melbourne recorded rises in the December / January. The increase in growth was mainly driven by rising demand for houses for rental accommodation and increasing interest rates.
The Real Estate Institute Of Victoria realised month on month data (January 2024) demonstrating a decrease in rental vacancy rates by only .1% in weekly median rents across metro Melbourne and regional Victoria.