Rental vacancies in Mildura and the Mallee, including Maryborough, have dropped dramatically over the past 12 months, getting as low as 0.6 percent earlier this year.
New data from the Real Estate Institute of Victoria revealed vacancy rates — the proportion of unlet properties to the total rent roll — for Mildura and the Mallee hit 0.7 percent in May, 0.5 percent below the regional Victorian average of 1.2.
May’s result is a minimal increase from the previous month’s low of 0.6 percent, and is the second time the rental vacancy figures have dipped this year with 0.7 percent also recorded in February.
The most recent figures follow a downward trend for the region, with numbers dropping since May 2018 which recorded a significantly higher 3.1 percent of rental vacancies, higher than the then-regional average of 1.6.
Maryborough Ballarat Real Estate director Allister Morrison said low vacancy rates is a similar story across the region.
“We’re finding it’s a similar story in all of our three markets in Maryborough, Ballarat and Ararat. There’s clearly a lack of supply,” he said.
For more on this story see the Front Page of The Advertiser, Friday, July 12