WHILE rents have remained relatively stable across the state, popular property types have experienced solid rental growth in the year to June 30.
The latest REIV data shows two-bedroom units recorded the state’s highest weekly rental increase, up 4.2 per cent over the year to $250– a $10 weekly increase on the same period last year.
The City of Ballarat was the main driver of this growth with rents in the municipality also increasing by more than four per cent on June 2016 figures. Wendouree was one of the top performing for investors of this property type with the weekly median rent increasing 15 per cent over the year to $230.
Rental growth for two-bedroom units was also seen in Lake Wendouree and Ballarat Central, up 9.6 and 8.3 per cent respectively to weekly median rents of $285 and $260. Two-bedroom units were also in demand in a number of Bendigo suburbs, including Kennington and Eaglehawk where the median rent increased by more than 13 per cent to $250 a week. Other Bendigo suburbs recording solid rental growth for two-bedroom units include Strathdale, up 11 per cent over the year to $250; and Golden Square, up 5.6 per cent to $235.
Meanwhile, the statewide median rent for three-bedroom homes increased 3.4 per cent over the year to $300 per week. East Geelong recorded one of the largest weekly rental increases for three-bedroom homes, up more than 15 per cent over the year to $370.
Similar rental growth was also recorded in Bright, where the weekly median rent for a three-bedroom home is now $350. Typical family homes were also highly sought after in White Hills and Yarrawonga, with the weekly median rent in these areas increasing 11.8 and 10 per cent respectively. The weekly median rent in Yarrawonga is now $330 while a three-bedroom home in the Bendigo suburb of White Hills commands a median rent of $308 a week.
Annual rental growth for three-bedroom homes was also recorded in multiple Greater Geelong suburbs including Newtown, up 9.9 per cent to a weekly median rent of $415; Geelong West, up 8.1 per cent to a median rent of $400 per week; and Belmont, up 6.1 per cent to a weekly median rent of $350.
For more information on weekly median rents by town or region, visit reiv.com.au.
