This is purely anecdotal evidence but everything I've heard points to rents being down and vacancies being up. A friend that lived downtown had their rent lowered without warning or prior announcement. Downtown has had a lot of new flats/apartments that have just came on the market and they're really struggling to attract tenants, most are still mostly vacant.
Houses are selling like crazy around here, at or above asking price but landlords are struggling to pull in the rents.
Should be an interesting winter is all I know...
Houses are selling here too, the sales people here at my office are all complaining about lack of stock. If the fuckers knew how to build relationships better that may be less of an issue, but that's just me, after 20 years in the industry, (and no longer in sales, thank fuck.)
What's interesting here is that the vacancy rates is so very different region by region. Adelaide can be loosely segmented into north, south, east and west the city is seen as a segment also. I'll do some figures soon showing vacancy and weekly rents just for these segments which really shows some interesting facts, and more relevant to my role. I.e. city vacancy is off the charts high; Mainly due to high rise towers of apartments being built with no tenants available. Chinese buy them and leave them vacant Whole buildings of 300-400 apartments may only have 4-5 occupied. It's crazy. Still, as long as they keep buying they'll keep building. They will own the city soon...As with the other State capital cities.
Hell, the Chinese have entire cities like that already (If you've not come across this before check out https://allthatsinteresting.com/chinese-ghost-cities). I suspect that they're just planning/operating on much longer time scales than we are accustomed to.
Have you threatened the sales people with being replaced by a smart contract yet?
Yeah, I've seen the ghost cities. Mind-blowing.
Lol, yeah, it's a dying profession to be honest, and very hard work in this fickle socio of no loyalty. That's why I'm in management and not on the ground. At 50 I should be able to see it out, would leave now if I could, but for those younger ones...Yep, no jobs in the future.