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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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Victoria
Australia
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