THE median rent in regional Victoria has held steady at $450 per week during the past three months.
PropTrack’s market insight report showed rental prices in the September quarter were 4.7 per cent higher than a year earlier.
Regional Victoria unit rents rose 5.6 per cent over the year to sit at $380 per week, outperforming house rent growth of 4.4 per cent over the year to sit at $470 per week.
PropTrack director of economic research Cameron Kusher said that while the cost of renting remained higher than a year ago, the pace of price growth had slowed.
“This reflects an easing of rental market pressures, which we expect to continue,” Mr Kusher said.
“With more stock available for rent, and the cost of renting rising at a pace above inflation over recent years, the capacity to pay rent is now impacting demand.
“Although the pace of rental growth is slowing and more stock is available for rent, supply remains low.
“However, we anticipate more balanced conditions in the coming months.”
