With a current growth rate of 2.7%, Melbourne’s population is now just 200k below Sydney. According to REIV data, Melbourne’s rental vacancy rate was sitting at 2.2% in December 2018. In Melbourne’s outer suburbs, a rental vacancy rate of just 1.5% highlights the strength of the rental market in areas 20+ kms from the CBD.
The REIV reports the weekly median rent for houses in metro Melbourne was sitting at $450 pw as at December 2018. Meanwhile, median unit rents have remained virtually unchanged in the past 12 months, sitting at $420 pw. Unit and apartment living continues to attract tenants in search of convenient and affordable options.
In 2019, Melbourne’s rental market will adjust to recent changes to the Residential Tenancies Act, some of which came into force on 1 January. These include new rules allowing for longer leases, including five year agreements.
For more information about changes to the Residential Tenancies Act, the majority of which will come into force in 2020, and how they could impact your property or tenancy, please contact your local Woodards office.