Ballarat rentals drop to record low

Ballarat’s rental vacancy rates have dropped below 1%, the lowest in several years.

According to REIV figures, the vacancy rate was 2.2% in May 2017, 1.3% in May 2018 and just 0.7% in June 2018.

Several factors have contributed to the sharp decline including investors (many from Melbourne) purchasing property and the trend of long-term rentals.

The average REIV rental price of $300 p/w in 2017 also increased to $320 p/w in 2018.

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This article was originally featured in the Ballarat Courier.