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Melbourne’s Rental Market Update

By Matt Hurlston

There's good news for investors in real estate in Carnegie as Melbourne's rental market tightened over October, according to a recent release from the Real Estate Institute of Victoria (REIV).

The vacancy rate in the inner city fell from 3.1 per cent in September to just 2.9 per cent in October this year.

This is the second consecutive month the vacancy rate has fallen, down from 4.7 per cent in August.

Properties located in the outer suburbs showed even further tightening, with a vacancy rate of 1.8 per cent, down from 2.5 per cent in September.

In suburbs more than 20km from the CBD, the vacancy rate was just 1.2 per cent.

For Melbourne as a whole, the vacancy rate has fallen to its lowest point of 2013, reaching 2.7 per cent in October.

In further encouraging news, Melbourne's average house rent rose by $11 per week in the inner suburbs, reaching $521 each week while the middle suburbs hit $379 – up $9 from September.

If you own an investment property in Carnegie and are wondering how to make the most the strong rental market, speak with Ray White Carnegie Director Matthew Hurlston.

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