Inner city rent crash to stress banks

Via Banking Day:

In Melbourne and Sydney, it’s a renters market and lending for investment housing is taking off as the epicentre of credit stress in banking. Rents in Melbourne, the worst hit market, are down as much as 16 per cent since the pandemic and the long lockdown hit the city hard.

“Over the year, Melbourne and Sydney unit rents are down substantially, by 12.0 per cent in Melbourne (overall) and 6.5 per cent in Sydney”, SQM Research said in a commentary on the national rental market yesterday.

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