“The blowout in rental vacancy rates for the major CBDs suggests a mass exodus of tenants occurred over the course of March and April. This might be attributed to the significant loss in employment in our CBDs plus the drop off in international students,” he said.
Brisbane and Adelaide both saw their CBD vacancy rate double as well, albeit from smaller bases, jumping to 11.3% and 6.6% apiece.
Looking at the capital city markets as a whole, Darwin proved the only exception to rising rates across the board.
In the sunshine state, rents are more likely to have sunk in those places most dependent on tourism.
There are 55% more listings in Cairns, 38% more in the Whitsundays and 14% in Hervey Bay. It could prove a bittersweet win for local residents however as their local economies are left reeling from the sudden disappearance of the tourist industry.
Meanwhile, there are around 300 more rental options on the Gold Coast, about 250 more on the Sunshine Coast, and 120 more in Brisbane’s inner south.
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