BALLARAT'S rental availability is now the second highest in regional areas across the state according to new data released by the Real Estate Institute of Victoria.
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The city has climbed from the lowest availability - which stood at just 0.8 per cent in March last year - to now be one of the easiest to find rental accommodation due mainly to a glut of newly built rentals coming on the market, predominantly in the west and southern suburbs such as Alfredton, Lucas and Delacombe.
A quick search on Domain.com.au website reveals more than 340 properties are currently on the market for rent across Ballarat.
Many properties on the market are in the townhouse style and can be found around the Alfredton region, although older areas such as Ballarat East, Mount Pleasant and Canadian are also prevalent in searches.
The month-to-month data shows that across the board, Balarat is now showing a good selection of properties, which has seen the city's average rental rate climb to $340 a week.
VICTORIA'S RENTAL VACANCY RATES: MARCH 2020
Ballarat's rental price, while $10 a week higher than the same time last year, has come down slightly from the January peak of $350 a week.
Overall, the regional availability index climbed slightly with the state averaging 1.9 per cent availability, compared to 1.8 per cent in February. Only the Shepparton region has a higher availability ratio than Ballarat and it has traditionally been the easiest to find rental in regional Victoria.
Other regional areas, such as In Geelong saw rental prices shrink by $10 to $400 a week for a home, but rent increased in the Bendigo region by $7 to sit at $350 per week.
The REIV says although there has been some improvement in vacancy rates, Victoria needs vacancy rates of three to four per cent to maintain a healthy market.
REIV president Leah Calnan said the numbers reflect the strong market in the lead up to the State of Emergency, and are consistent with March quarter median prices which remained strong, however a large downturn is likely during the June quarter which we are currently in.
"Victoria's rental accommodation supply is growing, more rental homes are now available but there remains a need for more properties to be listed to cater for growing demand." Ms Calnan said.
"The State Government needs to work more closely with property owners, to help build a reliable supply of rental accommodation in Victoria.
Rental units in Ballarat are averaging $280 per week, up from $260 at the same time last year. The regional average for unit or apartment rentals is $295, with Geelong topping the regions at $330 a week.
In the metropolitan area, rentals have showed a slight decrease as well, averaging now $470 a weeks, down from a peak of $480 a week, but still higher than at the same time last year.
Units and apartments in the metropolitan area are averaging $430 a week, the same price as March last year.
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