Melbourne rents tumble as vacancy rate balloons

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The Real Estate Institute of Victoria (REIV) has released its rental market snapshot for July 2020, which shows Melbourne’s vacancy rate ballooning to 3.2% and median house rents plunging by 3.2%:

Data from other providers tells a similar story.

Domain reported that Melbourne’s rental vacancy rate has nearly doubled since March, from 1.7% to 3.2%:

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.