THERE continues to be slim pickings when it comes to available rentals in the Swan Hill district.
Property website realestate.com.au earlier this week had 10 vacant rentals listed, all three or four-bedroom properties priced between $400 and $600 per week.
The latest PropTrack Market Insight Report released last week found regional Victoria’s rental vacancy rate fell 0.13 per cent over the year to September to sit at 1.09 per cent, following a monthly decline of 0.02 per cent.
The vacancy rate in north-west Victoria for the month was 0.53 per cent, down from 0.13 per cent the previous month.
The median house rent in Swan Hill was $410 per week based on 135 rental listings in the past 12 months – an increase of 3 per cent. Rental demand has increased by 11 per cent in the same period.
The median unit rent in Swan Hill was $290 per week based on 102 rental listings. Rental demand has increased by 36 per cent in the same period.
REA Group senior economist Anne Flaherty said it was unwelcome news for renters.
“Market conditions deteriorated further in September, with vacancies down in both capital city and regional areas,” she said.
“The easing in rental conditions seen over the first half of the year appears to have come to an end, with the proportion of rental properties sitting vacant trending lower since July.
“Despite the decline seen in September, vacancies are still higher in most capital cities compared to a year ago, with the combined rate up 0.22 per cent year on year.
“In contrast, regional markets have persistently seen vacancies fall, with the combined regional vacancy rate sitting 0.09 per cent lower than 12 months ago.
“The gap between capital city and regional vacancy rates has consistently widened over the past five months, with regional vacancy now sitting 0.31 per cent below capital city levels.
“Compared to March 2020, there were 46 per cent fewer rental properties sitting vacant in September.”
