CoreLogic’s Best of the Best Report paints a dire picture for the inner-city apartment market:
Inner-city Melbourne markets are at greater risk through 2021. Strict restrictions on international borders have particularly affected rental demand in the SA4 ‘Melbourne – Inner’ region, which had the highest net overseas migration of any region in Australia in the year to June 2019, at 17,975.
The vast majority of overseas migrants to Australia are initially renters, with border closures creating a disproportionate demand shock in the rental market. Between March and November 2020, rental incomes have declined 10.7% across this sub market, and property values fell 6.1%.
