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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the property price movements, fintok and finfluencers, and tax time.

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Steve Waters, director of Right Property Group, chats about the resilience of the property market in Victoria, where another lockdown is currently in place, as well as Westpac’s latest surprising predictions for property price movements.

RMIT’s senior lecturer of finance, Dr Angel Zhong, reveals the rise of fintok and finfluencers and the dangers social media presents to financial markets.

And lastly, tax and super guru Timothy Munro talks about tax time. He reveals what Aussies need to be mindful of as we head towards 30 June, and why some should look at engaging a professional this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Can you get cheaper rent?

By Cameron Micallef and Malavika Santhebennur

July 21 2020
Share

Invest

Can you get cheaper rent?

By Cameron Micallef and Malavika Santhebennur
July 21 2020

The COVID-19 pandemic has seen a reduction in the demand for property, while an oversupply of properties in Melbourne and Sydney could see cheaper rent, new research reveals.

Can you get cheaper rent?

By Cameron Micallef and Malavika Santhebennur

July 21 2020
Share

The COVID-19 pandemic has seen a reduction in the demand for property, while an oversupply of properties in Melbourne and Sydney could see cheaper rent, new research reveals.

The latest ANZ CoreLogic Housing Affordability Report has shown that inner Melbourne recorded a 57 per cent increase in advertised rental properties while Sydney’s city and inner south both recorded a 53 per cent jump.

All other capital cities saw a drop in total rental listings.

ANZ economist Felicity Emmett has said the fall in demand for rental properties in inner Melbourne and Sydney was due to their service economies which have been negatively impacted by government shutdowns.

“Nearly 40 per cent of people who work in the accommodation and food services sectors rent,” Ms Emmett said, adding that, between the weeks ending 14 March and 27 June, 21 per cent of hospitality workers lost their jobs, compared to an average of 6 per cent across all industries.

The economist also highlighted how changes to overseas migration have seen a drop in demand, as approximately 80 per cent of newly arrived migrants rent their accomodation.

“This drop-off in demand will impact regions popular with migrants, including inner city and south-eastern Melbourne, and inner south-west Sydney,” Ms Emmett said.

The oversupply of inner-city properties has reduced rental values by as much as 7 per cent in suburbs such as Haymarket and Barangaroo in Sydney, and Southbank in Melbourne, the affordability report found.

CoreLogic head of research Eliza Owen said that while the drop in demand for rental properties would work in favour of tenants seeking rent reductions, landlords should not panic.

“The oversupply of rental stock since March has been largely confined to inner-city areas in Melbourne and Sydney, while all other capital cities have experienced a decline,” Ms Owen said.

“There are still opportunities for investors where rental markets have continued to tighten and rental values have increased, including select suburbs across Perth and Hobart where Airbnb stock may be reverted back to the short-term rental market as [interstate] travel resumes.”

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About the author

Cameron Micallef and Malavika Santhebennur

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef and Malavika Santhebennur

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