20-09-2020, por Jason Murphy
Sydney, Melbourne, Brisbane rent prices plummeted amid pandemic, RBA reveals
"(..) House prices are the flashy part of the housing market, but the Reserve Bank of Australia pays very close attention to rents.
Rents are the ticking heartbeat of our housing market because they determine how much investors will earn from their portfolios. They are especially worth watching in difficult times because even when the buying market slows down dramatically, people keep renting.
The RBA released a huge new piece of research on the rental market during the pandemic and it is essential reading. As the next graph shows, rents have turned negative in some of Australia’s biggest markets, and rents for units – i.e. mostly apartments – are suddenly in free fall. (..)
A willing renter is suddenly hard to find. Young hospitality workers have moved back in with mum and dad as their income dried up, overseas students are completely missing, and at the same time, the market has been flooded with thousands of Airbnb properties that would once have been full of tourists.
Around 40,000 properties that were on Airbnb in February had gone by May. And that’s just one of the many short-term rental websites in Australia. (..)"