Melbournes vacancy rate rises as tenants flee rental market and buy: PropTrack [Video]

Melbourne tenants are fleeing the rental market in droves and purchasing their first homes as the city records the biggest annual rise in its vacancy rate compared to all capital cities.

PropTrack research revealed the city’s available rentals homes have increased for seven consecutive months — rising by 0.33 percentage points in the 12 months to September to reach 1.67 per cent.

Melbourne also has the second-highest vacancy rate of all markets behind Canberra’s 1.74 per cent.

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