Sydney rents drop dramatically as 'oversupply' of apartments hit landlords - Property News AU/NZ | propertynoise.co.nz & propertynoise.com.au

PHOTO: This apartment at 10/123 Sydney Rd, Fairlight was $790 a week, now reduced to $690 a week. (Domain)

An oversupply of vacant apartments and homes and a lack of demand has seen rents slashed across Sydney.A two-bedroom apartment literally across the road from Bondi Beach has been cut from $920 a week to $650.On the other side of the harbour in Manly, a two-bedroom, two-bathroom unit with parking is reduced by $300 a week to $500 for the first six months.

This address ar 1/2Warners Ave, North Bondi was up for rent for $1100 a week, now dropped to $750 a week. (Domain)

Zero tourists, no immigrants, a flood of properties that were once used for Airbnb and new apartment blocks being completed have created a massive oversupply of units when demand is simply not there.SQM Research’s weekly rent index shows apartment rents have fallen 3.3 per cent in the past month and 4.7 per cent in the past year.