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Rental Availability Rises in Melbourne

By Matt Hurlston

Melbourne's vacancy rate rose in August, following a dip the previous month.

This is according to the Real Estate Institute of Victoria (REIV), which recorded an increase in availability across the inner and middle suburbs.

The figures could spell good news for people seeking Carnegie real estate, suggesting there are ample opportunities in the market.

REIV data showed vacancies jumped from 3.2 per cent in July to 3.7 per cent the following month, the highest figure this year.

"The vacancy rate for the middle suburbs increased from three per cent to 3.2 per cent," the organisation stated.

"The vacancy rate for the outer suburbs was stable at 1.9 per cent and remains the tightest rental market in Melbourne."

Weekly house rents in the capital city jumped from $380 to $390, while rent on units remained the same at $380.

Rent increases were most prevalent in the outer suburbs, with the average weekly payment climbing from $340 to $350 for houses.

There was also a significant rise in rents for units in the outer suburbs, increasing from $305 to $320 per week.

"The increase in vacancy this month was mainly due to a large increase in the number of vacant properties in the inner suburbs," the REIV stated.

For help finding real estate in Carnegie talk to real estate professional Matthew Hurlston at Ray White Carnegie.

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