As in the most populated areas of Canada, uneconomically high property prices and rents in Australia were only made possible by unsustainable domestic debt levels. COVID-19 is proving a mean-reversion catalyst.
Sydney’s rental market has changed rapidly since the start of the pandemic. Thousands of homes across the city are sitting empty and rents have been heavily discounted. Commercial rents are taking a dive too as shops go out of business and companies rethink the need for expensive office space. Here is a direct video link.
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