The REIV’s monthly market analysis which was released last week shows that our rental market continues to experience very low vacancy rates. In a market where a vacancy rate of between 3 and 4 percent is considered balanced, Melbourne’s vacancy rate was just 2.2 percent in October 2019, unchanged from the month before.

It seems that this ongoing shortage of available rental accommodation is having an impact on tenants in some areas of Melbourne, as figures show that the median rental price for both houses and units has increased by $10 per week over the past twelve months.

Here at Barry Plant Gladstone Park we are continuing to find tenants for quality rental properties in very short time frames, with our vacancy rate often touching zero. Indeed, we successfully leased 17 properties in November alone, or best November on record. So there is no doubt that it’s a great time to buy an investment property.

If you would like any assistance from our team on selecting the right property for the rental market, or you would simply like some experienced advice on maximising the returns of your existing investment property, feel free to give our award-winning Property Management team a call at any time on 9330 1088, or our Property Management Director, Grace Pugliese, on 0413 139 752.