Ballarat renters have been hit with more bad news as rents continue to rise.
Rents have continued to rise across Ballarat overall, with a hike of 0.9 per cent in the three months to July according to property data company CoreLogic.
However, there has been some reprieve for people renting in Lake Gardens, Lake Wendouree and Ballarat Central with rents dropping in these suburbs.
In Lake Gardens the median weekly rent sits at $478 after rents dropped by 0.6 per cent.
Meanwhile in Lake Wendouree you can expect to pay a median rent of $461 after a drop of 0.3 per cent and Ballarat Central a rental price of $373 following a 0.1 per cent drop in prices.
Overall Ballarat rental prices have continued to rise in the past quarter said CoreLogic head of residential research Eliza Owen.
"Median rent values (for dwellings, which includes both houses and units) across Ballarat are currently sitting at $424 a week," Ms Owen said.
"Over the past three months the median rent value has increased to just under $10, up from $415."
Unit rents went up the most in Ballarat, jumping 1.4 per cent for the quarter, with the median rental price now $347 for a unit.
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Houses in Ballarat overall meanwhile recorded a 0.8 per cent increase with the median rent now $436.
Meanwhile the amount of properties available for rent has failed to budge, with Ballarat's vacancy rate for houses remains the same over the past 12 months to July 2022 at 1.4 per cent.
"That's an indication that the level of rental supply has continued to be depleted," Ms Owen said.
"Total rental listings in July were 719 dwellings available for rent and that's down from the previous three-month snapshot which was in April when there were 725 rent listings," Ms Owen said.
She said it was not surprising that rents had been on the up in Ballarat.
"I think part of the reason that rents have continued to rise in most suburbs is because it is maybe a relatively affordable market compared to some other regional centres or the capital city," Ms Owen said.
She said nationally there could be better news for renters going forward.
"The good news for renters as well is the pace of increase in rents might slow a bit more next year," Ms Owen said.
She pointed to the potential decline in interest rates as one factor which may help renters.
"We've also seen more investor activity across the market recently as well which adds to rental supply and we'll probably see this trend where people go back to share housing to try and bring down their rental costs as well."
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