And some neighbouring Goulburn Valley postcodes are in the top 10 toughest rental markets in regional Victoria.
The data indicates severe shortages in specific regions.
In Melbourne, areas such as the Yarra Ranges (postcode 3158) are facing notable rental shortages, a pattern that extends to regional Victoria.
Among the top 10 hardest postcodes to find a rental in regional Victoria is postcode 3717 at number four, which includes suburbs Yea and Flowerdale, and postcode 3666, which includes Euroa and Strathbogie, at number seven.
In postcode 3717, there were two rental properties advertised in December and 100 private rentals within the postcode, while in postcode 3666 there were three rental properties advertised in December and 100 private rentals.
The Campaspe area, postcode 3561 which includes Rochester, Bamawm and Nanneella, came in at number nine, with three rental properties advertised in December and 130 total private rentals in the postcode.
Mike Mortlock, the managing director of MCG Quantify Surveyors, said although renters were facing tough times, investors could play a key role in easing pressures on the market.
“Regions like Greater Melbourne and Greater Brisbane, which traditionally have robust rental markets, are showing an alarming decrease in rental listings,” he said.
“This scarcity, though a hardship for renters, presents a unique opportunity for investors, especially with the potential shift in interest rates in 2024.
“By entering these markets, investors can help increase the availability of rental properties, creating a win-win situation for both the rental community and themselves.”
3°C