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Vacancy rates increase in some areas of Victoria

More Australian property has become vacant in some areas of Victoria over the last three months, the Real Estate Institute of Australia has revealed.

Vacancy rates have increased in some areas of Victoria, the Real Estate Institute of Australia (REIA) has revealed.

Figures from the REIA show that the availability of Australian property within four and 10km of the state's central business district eased from one per cent in March to 1.3 per cent in July.

Middle suburbs saw vacancies increase from 1.7 to two per cent, but they fell in the outer suburbs from 1.7 to 0.8 per cent.

Some REIA members claim that the period of time in which a rental property remains vacant has increased.

"It will be interesting to see if this translates into an improvement in supply and an easing of rental increases," a statement from the institute said.

The availability of vacancies in Geelong increased from 0.8 per cent to 1.3 per cent over the second quarter of the year, while Ballarat experienced a minor improvement of 0.2 per cent.

Figures from the Australian Bureau of Statistics recently revealed that Victoria's capital city Melbourne saw an increase in its house prices of 3.6 per cent in the second quarter of this year.

Posted by Craig Francis

- property, vacancy, rent

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