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Rents tumble as listings pile up – The Australian Financial Review
Rental values dropped sharply in inner Sydney and Melbourne, prompting fears that large price falls would be next.
Barangaroo also suffered a steep drop with rents falling by 7 per cent between March and June.
In Sydney’s CBD rents slipped 6.9 per cent, while Millers Point and The Rocks tumbled 6.8 per cent and 6.7 per cent respectively.
Rents in Melbourne’s Southbank tumbled 7 per cent, resulting in a $36.80 weekly loss for landlords. Rents fell by 6.9 per cent in the CBD and Docklands was lower by 6.9 per cent.
Surging rental stock
Not surprisingly, the areas that suffered the largest drop in rents hav…
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