The latest ANZ CoreLogic Housing Affordability report shows that inner-city rents across Sydney and Melbourne are collapsing due to stunted immigration, a surge in supply, rising unemployment and falling household incomes:
One of the most impacted sectors of the housing market amid COVID-19 has been the rental market. Due to a mixture of negative demand and supply shocks, rental market conditions weakened over April to June. This came off the back of an already ‘weak’ rental environment, where annualised growth in rents has been subdued at 0.9% across the capital city markets for the past five years…
COVID-19 has uniquely impacted demand for rental accommodation. Demand for rental properties fell with the onset of the pandemic, which is reflected in both rental prices and rental listings. This was likely most attributable to:
