Let’s start with
Phase 1 (now for another 3 – 6 months)
what’s happening right now. We are currently in the biggest disruption to Melbourne’s very stable rent market since the great depression. There are 3 drivers of the COVID19 disruptions:
– Overseas students returning home
– AirBnB properties returning to traditional rent
– Young adults moving back in with Mum & Dad (“household consolidation”).
These have combined to create a “perfect storm” of a sudden flood of vacant properties, but mainly in certain sections of the market. We have colour-coded every suburb in Melbourne on this map into 4 zones: Red, Yellow, Navy and Pink.