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Our Thoughts On The Current State Of The Rental Market In Melbourne

Updated: May 18, 2021

It is the renter who has the choice to pick, choose and manipulate due to the fact that there is an abundance of homes available on the market to choose from.

What was once easily leased out at $450 per week, is now struggling to lease at $350 per week. As there are over 30,000 vacant homes in Melbourne’s CBD alone, this gives the landlords a tougher time when deciding the future of their asset.

The Challenges:

This is the first time that Melbourne (and also Sydney) have experienced more departures from our country than arrivals, causing landlords to sell their homes or leave them untenanted, meaning a large loss of income. Assets in the city are not as valuable as they once were as the student accommodation homes are not doing the job that they should be, which is filling up with students. Many students have continued their homework and classes online as many have returned to their home country overseas to do so due to the closure of our borders.

When Can This Be Better:

My personal thoughts are that once the airports are open again and universities continue to how they were a year ago, the emptiness in Melbourne’s city will start to leave and the business will then commence once again. As Emma Duffy has said in her article on, “Normally, vacancy rates in these two cities (Melbourne & Sydney) fall over February, in part due to international students starting their semesters. But given the ongoing closure of the international border, the seasonal increase in rental demand has not occurred this year.”

In my honest opinion, I see our market fluctuating until October due to the expected border re openings and until then, we must stay on top of every potential closing as much as we possibly can.

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