p--and--t
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Yes, but those numbers are tiny.
It is more driven by:
- People wanting, or needing to, reduce expenses and rent is a huge expense for many. (Moving back home with say parents, or moving to cheaper areas)
- Work from home allowing people to not be bound by commuting requirements
- The above two have also led to some drift to regional locations in Vic
The loss of the international student market would most likely be causing more vacancies in the apartment than people having moved interstate.
Also various overseas workers in Australia have not had Visas extended and have left.
Your comments are spot on from a rental aspect.
Actions by governments due to Covid have obviously had some impacts including creating fear, reducing arrivals, reducing stock on the market, and the methods of marketing/inspections.
I am a significant residential property investor and mix with a number of others. Basically the market is slow due to various restrictions however none of us has been effected to any great extent by reduced rentals in the inner ring mid market properties. Economy slow down always effects rentals and sales in the outer mortgage belt suburbs and stock market drops always effect the top couple of percent of the market.
The exception to this is those who invested in the niche student market or short term rental where they are suffering badly. The lack of international students & tourists has impacted that niche significantly.
From a sales aspect the market has been heavily impacted by sellers being fearful from erroneous articles in the media (the usual stupid forecasts of 30-40% drop trotted out in the market Mar-Sept).
Two suburbs where I hold properties have recorded some exceptionally high sales proceeds in the last month due to a lack of stock on the market and demand from astute investors that know there will be a bounce back within 12 months. My Vic asset values are significantly higher than what they were mid 2019.