News

Regional rental price soaring - but Benalla still affordable

By Simon Ruppert

Soaring rents are not easing in regional Victoria following another month of low-vacancy rates, however, Benalla continues to be more affordable than other regions.

Drive past any number of letting agents in Benalla and you will see a "Rentals Wanted" sign.

The good news for Benalla's current, and future renters, is that the towns average rental cost is cheaper than the regional average.

AED now accessible on Bridge St

The median house rental is listed as $300, $40 cheaper than the Regional Victorian average.

The median unit rental is $210, $60 cheaper than the Regional Victorian average.

The latest monthly rental data from the Real Estate Institute of Victoria, revealed average rent increasing from October 2018 levels across regional Victoria by $20 a week for a home and $30 a week for a unit.

News pool safety laws

With the average vacancy rate across regional Victoria on just 1.6 per cent, there is an urgent need of more rental properties on the market to keep up with the rising demand.

Sustainable vacancy rates hover around four or five per cent; however, in regional Victoria, we are nowhere near that mark.

Many renters have been taking up longer leases, which has meant that many rental homes are not available as frequently as previous years.

Benalla SES accredited and ready to save lives

The upcoming changes to the Residential Tenancy Act has spooked some landlords who are worried about losing control of their investment properties.

The REIV have received many reports of homes being taken off the market, which has increased housing demand further.

Rising rents provide a great return to landlords, and with demand up, houses are taking less time to be leased out.

● If a buyer or a seller is looking for objective information on the market or an agency, they should visit reiv.com.au