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As noted yesterday, Sydney is facing an unprecedented property glut, with 42,000 net dwelling additions versus a 2,000 population decline projected in 2021 and 34,000 net dwelling additions versus 7,000 population increase projected in 2022:
With immigration evaporating, Sydney’s (and Melbourne’s) rental vacancy rate is already elevated:
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And apartment rents have already collapsed by around 5% over the past six months alone:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.