Market strengthens as tenant demand returns
The latest stats show median rents up in the last quarter of 2020 to $430/week for a local 2 bed apartment. It’s not quite at the levels of earlier last year, but our leasing team are currently flat out as tenant enquiry runs at near double the levels we saw through 2020.
The local student population is still well down due to COVID but the market is soaking up supply. Our vacancies rose above 4% during the worst of COVID but that’s now just a nudge above 1.5%. Rent rises through 2021 look inevitable as we see the easing of border restrictions.
Note: RTA stats quoted here cover all of postcode 4066