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Melbourne rental vacancies have fallen for the first time on record below one per cent.
According to Real Estate Institute of Victoria (REIV) chief executive Enzo Raimondo a rental vacancy rate of below one per cent is unprecedented, calling on the government to take action to increase public and private investment in rental stock.
Across Melbourne rental vacancies are sitting at 0.9 per cent; the CBD vacancy rate is an even lower 0.5 per cent.
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Mr Raimondo said a desirable vacancy rate would be around three per cent.
Published: 20-03-08
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