More than 3000 property investors bailed out of Melbourne in May, a 34 per cent jump from a year ago, as the state government’s tax changes and lacklustre investment returns accelerated the exodus, data from Suburbtrends show.

Nearly 4000 ex-rental properties across Victoria were listed for sale, further depleting the state of the already scarce rental supply, said Kent Lardner, founder of Suburbtrends.