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Low vacancy rate in outer Melbourne

By Belinda McGuire

Those who are considering investing in real estate in the city of Knox may be interested to know that the outer suburbs of Melbourne recorded a low vacancy rate in December.

Real Estate Institute of Victoria (REIV) data found that availability in the outer suburbs was 1.3 per cent – a factor that could affect people who are looking to buy property in Rowville.

This is compared with the overall vacancy rate of 2.3 per cent across the entire city of Melbourne, while the inner suburbs recorded a rate of 2.5 per cent.

The median weekly rental amount in Melbourne is $381, with REIV chief Enzo Raimondo telling Property Observer that areas of low vacancy may not experience the drop in weekly rental rates that other locales may experience.

He said: "The improved level of vacancies has not yet translated into lower rents being asked by landlords; however if the trend continues, as it is expected to, it will in time result in overall rents either stabilising or reducing in nominal terms."

Talk to Ray White Rowville to find out if there are investment opportunities in real estate available in the city of Knox.

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