| Apr 2009 | Mar 2009 | Feb 2009 | Apr 2008 | ||
| MELBOURNE | Inner (0-4km) | 1.3 | 1.2 | 0.9 | 0.3 |
| Inner (4-10km) | 1.3 | 1.8 | 1.7 | 1.6 | |
| Inner Total | 1.3 | 1.5 | 1.3 | 0.9 | |
| Middle | 1.3 | 1.4 | 1.7 | 1.0 | |
| Outer | 1.8 | 1.1 | 0.8 | 1.1 | |
| MELBOURNE TOTAL | 1.3 | 1.4 | 1.4 | 1.0 | |
It seems Melbourne vacancy rate has stabilised to around the slighly 1%+ for the last 12 months. However, this is still bad news for renters as it means only 1 in every 100 properties.
However, interesting to see the vacancy rate for the inner (0-4km) has increased every month. This is not so much the supply has increased but rather the high rents have been pushing people out of the inner city areas.
As we can see the "middle" has experienced lower vacancy rates every month. This is about 11-19Km. Somewhere like Doncaster, Box Hill, Altona Maedows, etc. I suspect these are the areas where people have moved to in order to save on rents. It's just a matter of time before the rental median prices here gets "pushed" by some greedy landlords. Sigh....
"Outer" suburbs is increasing with more new homes completed around the Western and Northern suburbs. However, it's about 20-40KM from the CBD. A bit far to travel though.
Melbourne needs to build more properties in the demand areas or improve other satelitte cities in VIC to cope with the growth and reduces the rental market pressure.
On a side note, the First Home Owner Grant has just been boosted for 3 months more from July 09 onwards.
| Grant | Bonus | Boost | Total | |
| 1 July - 30 September 2009 | $ 7,000 | $ 2,000 | $ 7,000 | $ 16,000 |
| 1 October - 31 December 2009 | $ 7,000 | $ 2,000 | $ 3,500 |
|
| 1 January - 30 June 2010 | $ 7,000 | $2,000 | - | $ 9,000 |
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