Rental time bomb: vacancies plummet to lowest in state

Rental availability continues to be at a critical low.
Rental availability continues to be at a critical low.

SECURING a rental property has been labelled a “ticking time bomb”, after new figures revealed Mildura has the lowest vacancy rates in Victoria.

The Real Estate Institute of Victoria (REIV) recorded the number of vacant properties to the total rent roll was 0.7 per cent in May, plummeting from 3.1 per cent the same time last year.

REIV chief executive officer Gil King said a vacancy rate of at least three per cent was required for a healthy market.

Mildura's rental availability has worsened over the past seven months to be the lowest across the Victoria.

Mildura's rental availability has worsened over the past seven months to be the lowest across the Victoria.

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