Sydney rents torched

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Via Domain:

Landlords are slashing rents by hundreds of dollars a week and some are even temporarily cutting asking prices in half, in a bid to get tenants through the door as demand slows amid the coronavirus pandemic.

Offers for two weeks’ free rent, seen during the market downturn, are marking a rapid return in Sydney – not only in areas with lots of new apartments, but citywide. Other properties are being advertised with significantly reduced rents for periods ranging from one to six months.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.