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house can't rent and sell! Melbourne's landlord is in deep despai

Source: 1688.com.au
[Economic News]     26 Sep 2020
Vacancies continue to soar in melbourne, where desperate landlords have even offered to cut rents by half, or temporarily waive them altogether, in the hope of attracting tenants. At the realestate.com.au website, tenants rent three months, six months or even 12 months before the large discount advertising abound. Other sources of housing are advertised as "negotiable" or "rent-free.
house can't rent and sell! Melbourne's landlord is in deep despai

Melbourne apartment

Vacancies continue to soar in melbourne, where desperate landlords have even offered to cut rents by half, or temporarily waive them altogether, in the hope of attracting tenants.

At the realestate.com.au website, tenants rent three months, six months or even 12 months before the large discount advertising abound. Other sources of housing are advertised as "negotiable" or "rent-free.

Experts say the housing downturn is a result of the loss of tenants due mainly to job losses in hospitality and retail industries, as well as leave. of international migrants and foreign students

Propertyology data show that the number of vacant rental house around melbourne has almost doubled to 20891 over the past year, with vacancy rates soaring to 16% in some inner cities.

According to the Herald Sun, a one-bedroom apartment in CBD has been advertised for 12 months, with "a weekly rent of $225 for the first three months and a return to the original rent of $450 per week for the remaining nine months ".

The two apartments in Caulfield North (both listed at $380 per week) and a two-bedroom apartment in Bentleigh ($420 per week) enjoy a one-month rent-free period.

A $300 weekly rental flat in West Melbourne also offers a "quick check-in discount ".

The unemployed landlord Lorraine Ray forced to rent and sell her investment house in Box Hill South at a discount. Her latest tenant was a foreign student at the Burwood campus of nearby Deakin University, but the student had moved out in April.

"I'm going to rent this real estate right away ," she said ." We' ve reduced the rent to A $375 a week, but no one has. In the past seven years, there has never been a situation that can not be rented out. The students at Deacon University have disappeared. "

Ray said it was "desperate" and sold Elgar Road 113/154 two-bedroom apartment at a price of between $40 and $440000.

As Ray lost her tenants, she also lost her job of event planning. Fortunately, she said, although her partner was still at work, she was unable to enjoy government financial support had to "save to repay her mortgage ".

Melbourne's government ban on potential buyers, she added, made it difficult for her to rent or sell apartments. This provision will continue until 26 October.

Adam Sorrell other struggling Melbourne landlords are considering withdrawing from the market, the Ray White Rowville's head said.

"As a result, the number of rentable house may decrease and rents will eventually rise ," he said. "

Propertyology research director Simon Pressley said the new crown epidemic exacerbated the previous oversupply problem in the downtown Melbourne apartment market and was even more dangerous for investors.

"Don't touch Docklands, do n' t touch Southbank, the markets in these places are underperforming and there is a glut of apartments ," he warned prospective investors. "

Propertyology found out, The annual vacancy rate for rental housing in these locations is soaring: Southbank (from 4.3 to 16.6 per cent), Docklands (from 3.8 to 16.1 per cent), CBD( from 2.6 to 8 per cent) and South Yarra( from 2.4 to 6.2 per cent).

Over the past 10 years, however, the price of a typical apartment in Southbank and South Yarra has risen by less than 1 per cent annually, while the price of Docklands apartments has fallen by 0.2 per cent.

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