Solid rental growth in regional areas of Victoria

While rental growth in Melbourne is hardly racing along, there has been some good news for investors in regional areas of Victoria

New figures from the Real Estate Institute of Victoria (REIV) have shown that a number of regional areas have seen solid rental growth in the 12 months to September.

Across property types, two-bedroom homes were the best performers in the state’s regional areas, with rents increasing 3.9% over the 12 months to a weekly median of $250.

The weekly median rent for one-bedroom units rose 3.2% to $165, while the weekly median rent for a four-bedroom home rose 2.9% to $360.

In other different regional areas where at least 50 leases were signed over the September quarter, Sale in the state’s south east saw strong rental growth across its market.

Rents for two-bedroom units in the regional centre rose 13.6% over the year to a median weekly rental of $250. Three-bedroom houses also increased, up 7.4% to a weekly median of $290, while rent for four-bedroom homes grew 8.3% to $390 per week. 

Geelong West was also home to solid growth, most notably for three-bedroom houses, as the median weekly rent grew by 11.3% to $370.

In the coastal township of Torquay the weekly median rent grew by 7.3% to $495, while the weekly median rent for three-bedroom houses rose 7% to $420.

Solid rental increases were also seen in Mildura and Wodonga, with the median rent for a four-bedroom house in Mildura having increased 6.3% over the year to $340, while the weekly median rent three-bedroom home in Wodonga increased 6%.

Shepparton and Mildura had the highest volume of leases signed of the quarter, with 196 properties in the two areas finding tenants in the three-month period.

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