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Liam

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Heavy rental falls have been reported over the June quarter with more losses anticipated

14D ago 0 Replies 9 Views
CoreLogic has released its quarterly rental review, which reveals heavy rental falls over the June quarter with more losses anticipated:
Nationally, rent values declined 0.3% in the month of June, and 0.5% over the quarter. This was the largest quarterly fall in rents since September 2018, and further falls are expected in the coming months.
Capital city rents have been more immediately impacted by the negative economic shock resulting from COVID-19. Capital city rents fell 0.7% in the June quarter, compared with a 0.2% rise in rents across regional Australia…
The decline in rent values over the quarter came at a time when the rental market was already relatively weak. Annualised growth in national rent values was just 1.1% in the five years to June 2020, compared with annualised growth in the selected living cost index of 1.4% in the 5 years to March for employee households. In other words, rents have generally seen softer growth than the growth in general cost of living for most households…



Separate data released last week by CoreLogic also showed that inner Sydney and Melbourne have been hit especially hard by falling rents, driven by soaring vacancy rates:



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