Vacancy Rates



From: Kylie S

Does anyone know where you can get stats on vacancy rates for Melbourne suburbs.

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Reply: 1
From: Mike .

Hi Kylie,

I've seen vacancy rates published for cities as a whole, but not individual suburbs. The only way to determine the vacancy rate for a particular suburb is to ask the RE agents covering the suburb for the size of their rent roll and the number of available properties to let. Those two figures give you the vacancy rate. Average it out over 3 or 4 RE agencies should give you a fairly good picture.

Another way to get a "feel" is to ask the RE agents when they last raised rents and will there be a rent rise in the near future. If there is a long period between rent rises then their is either an oversupply of properties or little rental demand in that area.

Regards, Mike
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Reply: 1.1
From: GoAnna !

Hi Kylie

You may also want to speak to property mangers and find out what kind of property is in most demand it that area. One bedroom flats may be rented out within the week however 4 bedroom homes may be harder to move. Or vice versa. Depends on the demographics of area. Agents should also be able to tell you what features will bring in more rent or allow you to rent more quickly.

Following on from Mike you may also want to pick up the rental list from agents each week and see what is moving and how quickly.

Just remember that the statistics may not describe an individual property with any accuracy.

Are you looking in a particular area Kylie?


GoAnna !
(aka Anna before she got real)
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Reply: 1.1.1
From: Kylie S

Just bought my first IP late last year. Need to get it revalued and figure out how much I can lay my hands and therefore what sort of property and where (my first was in south yarra - and second is unlikely to be).
Then have to convince husband why this is a good idea. Need positive cash flow with this one. I'm not working at the moment - so the banks won't lend as much this time.
I've actually have some growth stats and the Age sitting in my study - waiting for the kids to give me a break to do some research!!

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From: Cathy Whitfort


Just interested why you won't be buying in South Yarra again? I was considering it for my first IP (I used to live there pre children)

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From: Kylie S

Hi Cathy,

The reasons I would look to suburb other than South Yarra this time are:

1. At the moment we don't have a lot of "excess equity" at our disposal. I bought a 2 brm with gge for $190 - difficult to find much under $200. So this time I was thinking about researching what I could get for around the 100K mark - hence not Sth Yarra.

2. This time I want to try and +ve gear or breakeven. After what I've seen in Sth Yarra - I reckon it would be tricky to find something +ve... although I'm not convinced of this - I've certainly revised a lot of my thinking since logging onto this forum (a couple of weeks ago)

I think its a good place for consistent capital growth - as are most inner areas. I let mine within 2 weeks of settlement - so I believe there are plenty of potential tenants. I may still end up buying there yet (if I win lottery) .... I'm just looking at other possibilities.

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