FINDING an available rental in north-west Victoria is still a hard task, despite an increase in the the vacancy rate.
Just 0.79 per cent of homes were vacant in the past three months – an improvement of 0.21 percentage points, according to REA Group.
North-west Victoria remained below the regional Victoria vacancy rate of 1.12 per cent – which increased by 0.01 percentage points.
Melbourne’s vacancy rate reached a record low of just 1.15 per cent.
REA Group economist Anne Flaherty said rental availability “deteriorated” further in January, with the national vacancy rate falling to 1.09 per cent.
House-hunters across Australia’s capital cities stood to benefit from the sharpest drop in vacancy, while conditions eased slightly across most regional areas.
“The share of rental properties sitting vacant has been trending down for three years, from 3 per cent in April 2020 to just 1.09 per cent in January,” Ms Flaherty said.
“There are now 54 per cent fewer homes sitting vacant compared to at the onset of the pandemic.
“With few rental properties currently vacant, tenants are facing stiff competition.
“This is likely to drive rents higher over the course of 2024, though we expect the pace of growth to slow.”
