A good piece from Gottiboff today:
Meriton’s Harry Triguboff say apartment rents have fallen 10 per cent because people simply can’t pay. Universities are set to suffer significant enrolment and staff reductions as overseas students decline. Overseas tourism has stopped, and labour-intensive bars and restaurants are closed. Many will never open under present owners.
People with negatively geared property are being minced because tenants will not or cannot pay rent and are being protected by new landlord and tenant rules. Those that took out mortgages based in two incomes often now have only one and fear for the second. Soon they will see the values of their dwellings fall. Victorian Treasurer Tim Pallas says Victoria’s fall be will 10 per cent by December, so that becomes a national benchmark. In many areas it will be more severe.
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