Vacancy rate soars Sydney, Melbourne residential rents may fall by 30%
With the end of the government's economic subsidy program and the deferred rent payment period, Australian real estate experts predict that rents in Sydney and Melbourne with dense populations and high rental vacancy rates may fall by 30% or more.
According to the Australian Financial Review report, so far, apartment rents in central Sydney have plummeted 12% in the past 19.6 months, while rents in Melbourne have also fallen by 17.5%.
Suburbtrends property network predicts that as the vacancy rate rises, by the end of September, the median rent of single-family houses in Sydney's Oakville may drop by 9%; the median rent of apartments in Barangaroo may be Fell 35%.
Kent Lardner, director of the website, believes that these data show that real price adjustments have not yet occurred in the leasing market. However, as the government’s economic support policy ends and the temporary rent payment period expires, the vacancy rate in high-density residential areas may be affected. Significant increase, rent may fall by about 30%.
"In some areas with oversupply of apartments in Melbourne, the rent adjustments in Docklands and Southbank are expected, but as the vacancy rate continues to rise, it is expected that rents will increase in the coming months. A sharp drop." Radner said.
In August, the number of vacant rental houses in Melbourne’s city centre increased to 8, compared to only 2456 six months ago. The vacancy rate has increased by more than five times to 6%. The number of vacant rental houses in South Bank and Docklands has soared more than six times to 459 and 5, respectively, resulting in a vacancy rate of more than one-fifth.
Since the implementation of the four-level blockade in Greater Melbourne, data from the Domain real estate website shows that the number of vacant rental houses has increased by 20%.
Since March this year, while the vacancy rate in Melbourne’s city centre has soared by more than five times, the vacancy rate in Sydney has also tripled.
Louis Christopher, the managing director of SQM Research, a real estate research and consulting company, said that 17 houses across the country entered the market this year, and these houses were already under construction before the outbreak, and a large number of new houses were listed as a result of the increase in the vacancy rate in the market. one of the reasons.
"(17 houses) is a huge number, especially when national borders are still closed. At present, the normal demand to absorb all of this inventory has disappeared," he said. "Therefore, just because the supply of housing is still increasing, we can expect that this year's rental housing vacancy rate will continue to rise, which means that rents will fall further."
Editor in charge: Lin Shan