CoreLogic’s head of research, Eliza Owen, has released research showing that rental stock is “piling up in Sydney and Melbourne” as immigration and international student numbers fall:
The percentage of rental housing advertised rose over the month of May in Sydney and Melbourne, while declining across the rest of the capital city regions.
4.5% of the total rental stock across Sydney was advertised over May, up from 4.3% in April. The portion of stock advertised across Melbourne saw an even larger jump, from 3.2% of listings advertised in April, to 3.6% of properties over May. While 3.6% may sound small, it represents a total rent listing uplift of more than 3,000 across Melbourne, up to about 27,000 properties for rent over the month. This corresponds to a rise in vacancies, and falling rental prices, particularly in inner-city Sydney and Melbourne…
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