The collapse of international migration and the exodus of Melburnians to greener pastures has driven house rents in Australia’s second biggest city to the equal lowest in the nation, according to Domain’s latest rental report.
As shown in the table below, the median asking Melbourne house rent is now only $430 per week. That’s unchanged over the year, the equal lowest with Adelaide, and well below the nation’s three smallest capitals – Hobart ($495), Darwin ($593) and Canberra ($630):
Inner Melbourne house rents have also suffered heavy falls over the past year:
Melbourne’s asking unit rents have also fallen heavily – hit hardest by the loss of international students:
Accordingly, Melbourne now has the second cheapest rental market ($365 a week) behind Adelaide ($350 per week).
Like for houses, the inner apartment market has been hit hardest:
This report illustrates just how reliant Melbourne’s property market and economy have become on overseas migration. The city is the epitome of a population ponzi economy.