Less than one per cent of all Wimmera rental properties were vacant as of May.
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The new figures from the Real Estate Institute of Victoria on Tuesday show just 0.9 per cent of unlet properties were available to rent in the region.
Only the Mallee-Mildura region had a lower proportion with 0.7 per cent.
In March, 1.6 per cent of properties were vacant, and in April 1.3.
Chief executive Gil King said a rate of at least three per cent was required for a healthy rental market, where there was enough supply to meet demand.
"A culmination of factors have stifled investor confidence in recent months, including uncertainty around possible policy changes including to negative gearing in the lead up to the Federal Election, tighter bank lending standards and the state government's 130 reforms as part of the Residential Tenancies Act," he said.
Mr King said the Wimmera was facing the same issues with rental availability as other regions.
"A Department of Health and Human Services report two weeks ago found the number of new rental lettings in Victoria decreased by 14.2 per cent in the 12 months to March 31," he said.
"Lending to residential property investors in Victoria was $5.548 billion in the March quarter 2019, 24.8 per cent lower than 12 months before."
"The report also found the proportion of affordable rental lettings in regional Victoria decreased to 44.8 per cent in the March quarter 2019, compared with 51.3 per cent in the 12 months before."
Mr King said he hoped to see property investors increase their rental lettings across Victoria in the second half of the year. He said federal and state governments could review regulations to make sure investor costs, such as property management fees and taxes, were reasonable.
"Most property investors are Mums and Dads, young people trying to get a foothold into the market or those planning to help fund their retirement with a modest property portfolio," he said.
"If the costs of maintaining a rental property outweigh the income generated from rent, they will look to invest their money elsewhere."
From Wednesday June 19, landlords will only be able to increase rents once every 12 months in Victoria, down from once every six months.
A spokeswoman for consumer affairs minister Marlene Kairouz said this change applied to fixed term and month to month tenancy agreements entered into from Wednesday onwards, while existing arrangements would continue to apply until the leases ended.
"Tenants who believe a rent increase makes their property more expensive than similar homes can also apply to Consumer Affairs Victoria for an assessment of whether the increased rent is excessive," she said.
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