@boy

http://www.theage.com.au/news/nation...602482946.html

MELBOURNE'S rental property drought has hit crisis levels after last month's vacancy rate fell below 1% for the first time on record. Rental accommodation in the central city has almost dwindled to zero.

Figures obtained by The Age reveal that the vacancy rate across Melbourne is 0.9%, a level not seen by the property industry since records began in the early 1980s.

For those wishing to live close to the city the situation is even more dire. The Real Estate Institute of Victoria says that, within four kilometres of the CBD, the vacancy rate dived to 0.5% last month. It was 0.6% in February last year.

People scrambling for a home are offering higher rents or using family and social networks to gain a favourable result from landlords.

The State Government's Office of Housing has reported that median rents in metropolitan Melbourne rose 12.7% in the year to the September quarter.

Sergio Lopez

It's 0.3% in the CBD now!

Geelong Gent

I think alot of these % are disproportionate to what some people are looking for on here.

Perhaps if you need a 1 bed or studio in the CBD, but a std 3 bed house?

Our experience has been finding a suitable house takes one or two saturdays, and we are very much in blue chip Melbourne. My point is for people sitting over in UK and reading too much into above %. You will find something, but be realistic with price before you comelo over, Melbourne is not a backwater where rentals are half the price of London. Its international and priced accordingly.

We walked in liked the property submitted application with no cash upfront promises, but added $20 to the weekly rent and asked for a 2 year rather than 1 year lease.

You need to see a few properties initially to understand the local market and have some too benchmark against.

DownUnderPaddy

Correct, and be prepared to see rents continue to climb, climb, climb.
http://business.theage.com.au/it-was...0630-2zgp.html

From that article :
"Your house is worth more than it was a year ago, but it's not clear whether those values will last. Different measures are giving very different figures for the Melbourne market, but those closest to the ground - the agents trying to sell houses - say prices are heading down.

So far the losses have been modest compared with US cities, some of which have seen falls of 20% or more.

But if you're renting, you're in strife. Record population growth combined with sluggish home construction has given Melbourne its worst housing shortage for decades.

In 2007, according to the state Office of Housing, rents rose 12.5%, and double-digit rent rises remain the norm."