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Melbourne, VIC 3000 Review

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Justprop Team

Justprop Team

Sam2018

Sam2018

Melbourne
1 Reply 24 Views 1Mo ago
Ronie

Ronie

Anuj

Anuj

Sydney
“Fragmented conditions in the rental market remain evident in the September quarter, with weaker unit rents compared to houses, ” said Domain senior research analyst Dr Nicola Powell. “This is particularly so in inner-city areas, which are more susceptible to changes in overseas migration and international students, tourism and job losses associated with COVID-19. Sydney Domain’s research found that unit asking rents dropped further over the September quarter, representing a 4.8 per cent decline since March, or $25 taken from the median weekly asking rent. “Since March, house and unit asking rents in the city and east region have had the largest decline in Sydney – by $125 and $80 a week, respectively. This is followed by a $70 a week reduction to unit asking rents in the lower north shore. These are the only areas in Sydney to record double-digit percentage falls over this six-month period. Tenants are now paying the same price they were in 2013.” Melbourne The Victorian capital has seen the greatest decline in unit rents of all the capital cities – no doubt a result of the stage 4 lockdown. According to the research, unit asking rents dropped another $15 a week over the September quarter. Adelaide’s The city of churches also saw a new record over the September quarter, with Domain noting Adelaide asking rents reached $405 a week for houses and $340 for units. “Unit rents posted the strongest quarterly gain out of all capital cities, along with Perth. Affordability is becoming stretched – rental prices have recorded the highest annual growth since 2007 for units and 2010 for houses, ” Dr Powell said. “Adelaide’s vacancy rate is once again on par with pre-pandemic March, as the estimated number of vacant rentals declines following a strong April bounce. The reduction in empty properties aligns to the easing of COVID-19 restrictions, perhaps reflecting the conversion of rentals back to holiday lets as short-term demand increases.” Continue reading at: x Units take price hit as rental value decreases New research by Domain has found that unit asking rents have seen the steepest annual fall nationally since 2004. www.smartpropertyinvestment.com.au
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