Chat with us, powered by LiveChatVacancy rates low in metropolitan Melbourne

Vacancy rates low in metropolitan Melbourne

The official figures for vacant rental accommodation in March indicated that the rental market was still very tight and running at 1.7% across the metropolitan area, this was down from the last December figure of 2.3%.

A current up to date snapshot of Barry Plant offices indicates that the present overall metropolitan vacancy factor at the end of May is 1.6%. The most interesting fact is that the demand in certain suburbs is red hot with offices reporting as low as 0.3% vacancy rate, while other offices have indicated their vacancy rate to be as high as 4.0%. On extreme is Point Cook with over 12% vacant.

Even with the overall low vacancy factor, rents do not appear to be rising with prospective tenants in some suburbs being able to negotiate lower rent.

To know what is happening in your suburb, contact your local Barry Plant Property Manager who will be only too pleased to provide you with an informed update.