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MacroBusiness Access Subscriber Only Content 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. There are 959 words left in this subscriber-only article. 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 ...

MacroBusiness Access Subscriber Only Content 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 Decemb...