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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.
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Across Melbourne rental vacancies are sitting at 0.9 per cent; the CBD vacancy rate is an even lower 0.5 per cent.
Mr Raimondo said a desirable vacancy rate would be around three per cent.
Published: 20-03-08
