The Real Estate Institute of Victoria say rental property prices have increased in the Northern Grampians

Picture: Trevor Collens
Picture: Trevor Collens

THE median price for rental properties in the Northern Grampians shire has increased, the Real Estate Institute of Victoria says. 

The institute said the median price for a two-bedroom house in the shire would cost a tenant $190 a week. 

This means the price for rental properties has increased by 18.8 per cent in the past year, the institute said. 

Real Estate Institute of Victoria chief executive Gil King said research from the institute showed the cost of weekly rental properties across regional Victoria had generally risen.

At the same time, he said, their research also showed there were a shortage of readily available properties for lease in regional Victoria. 

“These price rises have not been without variation or exception,” he said. 

“Most understand the balance between supply and demand will influence prices.” 

Stawell’s Monaghans Real Estate property management and sales representative Melanie Pitts said prices for rental properties had increased over the years.

“There has also been a high demand for rental properties in the area,” she said. 

“This isn't a new trend. There has always been high rental demand.

“People are moving here for jobs such as in the hospital, schools, the abattoir and the wind farm.

“This is good for Stawell, but there's not enough rental properties available.” 

Ms Pitts said there were good-quality tenants looking for rental properties but a shortage remained. 

“One rental property might get six to eight applications,” she said. 

Ms Pitts said the number of rental properties also fluctuated from week to week.

She said, on average, a two-bedroom house in Stawell would cost a tenant $200 a week and the average price for a three- to four-bedroom house in Stawell was between $220 to $280.

“It's a good time to buy an investment property,” Ms Pitts said. 

“Investors receive a good return on their property in Stawell.”