Vacancy rate hits record low in November

THE residential rental vacancy rate in Ballarat dropped to a record low in November with the Real Estate Institute of Victoria reporting Ballarat’s vacancy rate at 0.7 per cent, while estate agent Ray White Ballarat’s is reporting a vacancy rate of 0.37 per cent.

The November vacancy rate for regional Victoria is 1.3 per cent, Bendigo 0.7 per cent, Geelong and Barwon region 2 per cent and Melbourne 2.1 per cent making Ballarat’s low vacancy rate very attractive for investors.

Ray White Ballarat Director Phillip Lee said, “The vacancy rate was an important measure of the state of the rental market in Victoria with a vacancy rate of three per cent regarded as a balanced rental market where there is enough vacant housing supply to meet demand.

“0.7 per cent is the lowest vacancy rate recorded by the REIV since they started collecting figures in 2002 with rent in Ballarat increasing 16 per cent over the last two years.”

The November median rent for a house in Ballarat is $323 per week and units/apartments $243 per week.

Ray White Ballarats Business Development manager Jordan Keast is seeing increased activity from Melbourne buyers taking advantage of the strong rental returns and tenant demand.

If you’re interested in getting into the market and would like some advice or information, he can be contacted on 0406 114 787 or [email protected].