Geelong rental oversupply forces landlords to slash advertised rents by $50 a week

A dramatic oversupply of rental properties across several Geelong suburbs is seeing advertised rents on homes drop by as much as $50 a week as landlords seek to entice tenants. A rush of interstate investors buying in Geelong’s growth corridors has resulted in the glut of new homes hitting the rental market. The new supply is exceeding the level of demand for rentals in the urban fringe suburbs, including Armstrong Creek, Mount Duneed, Charlemont and Lara. RELATED: How young dad built $10m property empire by 30 ‘Worst house’: Rundown property targets $1.05m Timing is awful: warning on new Geelong home data Jellis Craig Geelong director Renee Reynolds said the growth corridor markets were struggling with the oversupply. “There’s a lot of properties on the market, just not as many people looking,” Ms Reynolds said. “It’s very price sensitive to lease them.” The story in the growth corridors differs from the rest of Geelong, where a Victorian government report revealed an overall rise in rents, as new rental listings fall. Jellis Craig Geelong Property Management director Renee Reynolds. The government quietly dropped the June quarter Rental Report, along with two more already months ...