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Rental Market Tightens Across Melbourne

By Belinda McGuire

The number of vacant rental properties in Melbourne fell during the three months to March, the latest data reveals.

Figures from the Real Estate Institute of Victoria (REIV) show that in Melbourne, the vacancy rate stood at 3.6 per cent in January, before falling to 2.8 per cent in March.

As a result, there was an increase in asking rents of 3.7 per cent from $381 per week to $395 for a house.

Anyone hoping to rent property in Rowville may find that they face stiff competition – although not as much as those looking for inner-city properties.

The greatest tightening was experienced in inner city areas, where the vacancy rate fell from 3.8 to 2.9 per cent, leading to the median house rent to reach $530 per week.

In the middle suburbs, however, the vacancy rate reached 3.1 per cent, while median house rents increased by 3.7 per cent.

As for the outer suburbs, greater stability was seen in these areas with a smaller change in the amount of vacancies, falling from 2.6 to 2.3 per cent.

The REIV explained that these figures are indicative of a reasonably balanced market, suggesting there is still plenty of reason to consider investing in real estate in Rowville.

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