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MacroBusiness
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Melbourne’s high-rise apartment segment is clearly sick.
With Australia’s international border closed, and foreign students blocked from entering Australia, inner-city apartment rents have collapsed, falling by between 16% and 30% in the year to March 2021, according to Domain:
Inner-city apartment rents have collapsed across Melbourne.
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This came off a CBD rental vacancy rate of 11.4%, which was more than double the Melbourne average in March.
Investors are also reportedly dumping their inner-Melbourne apartment holdings en masse, taking losses of up to 30% to 40% in the process.
High-rise approvals across Victoria are already crashing, down 66% from the October 2015 peak, according to the ABS:
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at 12:08 am on January 19, 2021 | 24 comments
Domain’s December quarter Rental Report has been released, which reveals that apartment (unit) rents have fallen off a cliff across Sydney and Melbourne, driven by collapsing demand from international students and migrants alongside ballooning supply:
In Sydney, apartment rents have plummeted to 2013 levels whereas they have fallen to 2016 levels in Melbourne:
Sydney
Unit rents made the steepest quarterly and annual fall since Domain rental records began in 2004. Unit rents tumbled $25 over the December quarter to $470 a week and since pre-pandemic March $50 has been shaved from asking rents. The cost of renting a unit has now returned to 2013 levels. Unit rents have been hardest hit in the city and east and inner west with rents at an eight-year low, and the lower north shore is the cheapest in nine years.