Australia's unit rental market has suffered its biggest price drop in more than 15 years as COVID-19 bites landlords and tenants alike. 9News
"This weakness has been led by significant rent reductions in Sydney and Melbourne inner-city areas due to a surge in advertised rentals from March to June."
"Tenants are using this as bargaining power to negotiate a deal while landlords compete to lure them." Rental houses in Canberra fell 0.9 per cent while units plunged 2.1 per cent . In Brisbane houses fell 2.4 per cent to $400 a week and units dropped 1.3 per cent to $380 a week. "Though international border closures have weakened demand, Melbourne is particularly exposed to a drop in overseas migration, student population and tourism, as a significant proportion of rental demand comes from overseas," advised Dr Powell.
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