OMag West Edition – December 2023
Houses and units’ rental prices have both increased
in value by over 11% in the last 12 months.
However, the heat in the rental market has definitely
slowed in the last month.
This is a seasonality issue, and this is mainly due to the time of the year with people always like to stay put over Christmas and move early in the new year.
The forecast for the Victorian rental market in 2024 will be much the same as it was this year.
A shortage of homes will continue to be the common denominator and landlords will have the pressure of higher mortgages and therefore rents are likely to continue to rise.