The rental vacancy rate in parts of Geelong has fallen below the national vacancy rate of 1 per cent, new data reveals.
Latest property and rental data from SQM Research shows that in Leopold, Moolap, Corio, Norlane and North Shore, the vacancy rate in June was 0.4 per cent.
In Hamlyn Heights, Bell Park and Bell Post Hill, the vacancy rate was 0.7 per cent, while it was 0.8 per cent in Newcomb, St Albans Park, Whittington and Thomson, and 0.9 per cent in Geelong West, Manifold Heights, Herne Hill, Fyansford and Lara, according to the data.
Everybody’s Home spokesperson Kate Colvin said a healthy vacancy rate sits between 2 to 3 per cent, where there’s roughly the same amount of renters as there are rental properties on the market.
Ms Colvin said the vacancy rate in parts of Geelong is “really low” and suggests there’s more renters looking for properties than there are properties available.
“That’s where you end up with big increases in rents, because all of that competition means that real estate agents can see that even if they increase the price for the property, they’ll still be able to rent it out,” Ms Colvin said.
“Often they do take that opportunity.”
According to Department of Families, Fairness and Housing quarterly data ending in March, the median cost of renting a home in Greater Geelong was $430 a week, above the statewide average of $400.
The state government has made an effort to combat regional Victoria’s housing struggles through the Big Housing Build initiative, with 18 regional municipalities receiving a share of $1.25 billion in funding.
As part of the program, 27 social housing homes are being built in Ormond Road, Geelong East.
The new homes will replace the 18 existing ageing social housing homes at the site, delivering much-needed growth
of social and affordable housing in regional Victoria, according to the state government.
Ms Colvin said while Everybody’s Home welcomed the state government’s investment, she said it needed to continue beyond its wrap date of 2024 to make a dent in the consequences of “a decade of housing neglect”.
“While the Victorian state government has invested in social housing, we will only start to see significant change once we see a significant promise from the federal government as well.”
