Pete Wargent blogspot


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Thursday, 24 January 2019

Sign of the times

Tightening everywhere, man

Fewer homebuyers and more tenants...and fewer landlords. 

Expecting to see a lot more of this in Victoria over the next two or three months, with agents reporting multiple lease applications for investment grade properties. 

Not so likely for generic new apartments, though. 

Rental vacancy rates have historically tended to tighten sharply in Melbourne in the early months of the year, especially over the past eight years or so. 

Vacancy rates have tightened sharply in Geelong since 2015, while Geelong West had a vacancy rate of only 0.6 per cent, even in the seasonally quiet month of December. 

Vacancy rates have also already fallen to about 1 per cent or below before the onset of the busiest period of the year for leasing in Ballarat, Wodonga, Mildura, Warrnambool, Traralgon, Bacchus Marsh, Horsham, Wangaratta, Western Victoria...

In Hobart vacancies are practically as close to zero as you'll ever see for a December figure.