The Real Estate Institute of Victoria (REIV) has highlighted Benalla as one of the most affordable places to rent in the state.
REIV chief executive officer Gil Kin said the rental market in regional Victoria offers opportunities for investors and some good-value for tenants, but only if they can find a place to rent.
‘‘REIV data (shows) that rental vacancy rates in regional Victoria fell again in April to 1.7 per cent,’’ Mr Kin said.
‘‘That’s even tighter than Melbourne, where the ever-increasing supply of new apartments has kept the rate to two per cent.
‘‘Availability outside the capital is approximately half that of five years ago, and it’s no surprise that the median weekly rent has ticked up slightly to $315 per week.
‘‘Weekly median rentals on two-bedroom units are still below $200 in Moe, Kyabram and Benalla, while the median on the same sized units are nearly double that in Geelong and Torquay.’’
The average rent on a two-bedroom unit in Geelong or on the surf coast can be nearly $400 per week, which highlights why many people are looking to towns like Benalla to improve living standards by reducing the cost of living.
●If you would like to know more about home values and rental prices for a range of property types, visit reiv.com.au/market-insights