Mornington Peninsula 'Exception' to Tight Vacancy Rates

Rental vacancy rates tightened right across the state of Victoria during the first three months of the year, with the important exception of the Mornington Peninsula, according to new information published this week by the Real Estate Institute of Victoria (REIV).

The organisation revealed that inner-city Melbourne had the biggest drop in rental vacancy rates over the March quarter, slipping from 3.8 per cent to 2.9 per cent.

A slide in vacancy rates, the REIV notes, is proportionate to increases in rent - in inner Melbourne suburbs, the median rent rose by 1.5 per cent and now stands at approximately $530 a week.

However, the Mornington Peninsula bucked the tightening vacancy rate trend - the percentage of available properties increased from 2.9 to 3.6.

Elsewhere in regional Victoria, median house rents remained stable at $300 a week, with the vacancy rate only dipping from 3.6 per cent to 3.3 per cent. Geelong had the highest vacancy rate of any of the regional centres, recording four per cent at the end of March.

However, the REIV notes that across the state, things look relatively stable, which is an encouraging sign for real estate investors and tenants alike.