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Is Now the Time to Rent Property in Rowville?

By Belinda McGuire

People looking to rent property in Rowville may be encouraged by new research indicating Melbourne rental vacancies increased in April.

According to the Real Estate Institute of Victoria (REIV), availability climbed from 2.8 per cent in March to 3.2 per cent last month, while the median rent for a house fell from $395 per week to $382.

Robert Larocca, REIV policy and public affairs manager, said rents are sliding in the middle suburbs, although they remain stable in both outer and inner areas.

“The rental market is showing the impact of policies over the past few years that were designed to boost the supply of dwellings,” he stated.

“[Australian Bureau of Statistics] dwelling completion data for Victoria shows that in the last three years, 24 per cent more homes were built than in the preceding three years.”

Mr Larocca noted that the most affordable regions of Melbourne to rent a property were the outer suburbs, with a two-bedroom house having an advertised median rent of $298 per week.

Recent REIV figures showed the average age of people renting real estate in Rowville is 30 years old; two years younger than the typical resident of Melbourne and regional Victoria.

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