Via The Australian:
Prominent agency owner Andrew Coronis, managing director of Coronis, which operates 23 offices across southeast Queensland, said tenants were moving more readily to get better deals, forcing existing unit stock and “investor-style” apartment owners to cut prices.
“We’re seeing a 17 per cent drop in rents and it is happening right now,” Mr Coronis said. “It is between 10 (per cent) and 17 (per cent). Everybody is scrambling to lock tenants down.”