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The collapse of the international student trade, alongside the shift of economic activity away from the CBD, has pushed Melbourne city apartment rents to multi-decade lows according to analysis of SQM Research data by The AFR.
According to the report:
- Docklands apartment rents dived 33% in the year to 4 March 2021 to an average of $420 per week. This is 25% less than the aftermath of the Global Financial Crisis (GFC) in 2008.
- The average apartment rent in Melbourne CBD’s tanked 34.4% in the year to 4 March, falling to $393 per week compared to $491 in March 2011.
- Two-bedroom apartment rents in Melbourne’s CBD have dived more than $220 a week from pre-COVID-19 highs.
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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.
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