Victoria sees record fall in rental stock as investors leave the state

Victorian government data showed active rental bonds fell from about 676,400 in June 2023 to 654,700 a year later, the steepest decline since records began in 1999. Analysts attributed the drop to land tax increases, minimum standards and tenancy changes prompting owners to sell. CoreLogic noted rents had not surged in response, with Melbourne asking rents growing at their slowest pace in three years.