Frickin awesome, at the AFR:
In Sydney, listings jumped 15 per cent while Melbourne notched up a 14 per cent rise.
…”We’re likely to see huge increases in rental vacancy rates as the year progresses. [said Louis Christopher]
…”I think the rental market is in a lot of trouble.”
Mother nature has intervened where policymaking corruption has failed. AirBnB should have been banned in major capitals. Supply-side blockages should have been reformed away. Immigration should never have been so high.
All of these things created artificially tight rental markets that supported ridiculous prices.
Dwellings are an essential good that should never have been financialised in this way. Rents are also key input price for competitiveness.
COVID-19 is Mother Nature’s solution to liberate youth, let them live with dignity, and make it easier for them to build productive businesses.
Let rents burn.
