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Low availability causes rental prices to soar

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Local rental prices are soaring in Ballarat off the back of ongoing low vacancy rates.

The latest figures from REIV shows that median weekly rental house prices in town have jumped 7.9 per cent in the last 12 months to September.

The current median rental price for a home in Ballarat sits at $340 a week, $25 more than in September 2018.

REIV CEO Gil King says the increased rental prices is due to a lack of properties available to rent in Ballarat and right across regional Victoria.

“As competition grows, it is becoming increasingly tougher for tenants to find a home."

“We have received reports of more and more owners turning to short term rental accommodation options like AirBnB to rent their rooms out,” he said.

“We need more incentives to convince investors to put their houses back on the market.”

Last month, REIV data revealed Ballarat had a low vacancy rate of just 1.6 per cent, below the state average of 2 per cent, however it was a fraction above the 1.5 per cent average around regional Victoria.

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