REIV President Neil Laws has said that the REIV May rental vacancy rates for Melbourne indicate that only 1 in every 100 rental homes is vacant.
"The general rule of thumb is that the market is in balance when the vacancy rate is around 3 per cent and the last time the market was in balance was three years ago in January 2005 when Melbourne had a 3.3 per cent vacancy rate.
"A balanced rental market is one when people can generally find a home to rent and landlords get a reasonable rate of return on their investment.
"An unbalanced market is what we have now, queues for rental homes and significant rent increases.
"There is only one way that the market will come back into balance - more rental homes where people want to live and there is no sign of that happening any time soon.
"In Melbourne the inner city remains the area with the most significant shortage with a vacancy rate of 0.6 per cent which is quiet a contrast to four years ago when the inner city vacancy rate was 6.2 per cent," Mr Laws concluded.
REIV MAY 2008
|
|
May |
Apr |
May |
May |
May |
|
|
2008 |
2008 |
2007 |
2006 |
2005 |
|
MELBOURNE Inner (0-4km) |
0.6 |
0.3 |
1.0 |
1.0 |
2.6 |
|
Inner (4-10km) |
1.0 |
1.6 |
1.0 |
1.4 |
2.3 |
|
Inner Total |
0.8 |
0.9 |
1.0 |
1.3 |
2.4 |
|
Middle |
0.9 |
1.0 |
1.5 |
1.8 |
2.6 |
|
Outer |
1.2 |
1.1 |
1.6 |
2.0 |
2.5 |
|
MELBOURNE TOTAL |
1.0 |
1.0 |
1.4 |
1.7 |
2.5 |
|
|
|
|
|
|
|
|
VICTORIA TOTAL |
1.4 |
1.2 |
1.7 |
1.9 |
2.5 |
MEDIA COMMENT:
President: Neil Laws, 0419 583 633.
CPR Communications and Public Relations,
Robert Larocca, 9654 4799 or 0409 198 350
