Arrivals go to Sydney & QLD
International arrivals into New South Wales and Queensland will double effective today, as New South Wales prepares to accept more than 3,000 arrivals per week.
This should see vacancy rates in Sydney CBD dropping back below 5 per cent.
All of the above charts are calculated by SQM Research:
Median asking rents have already bounced in Sydney CBD, so perhaps the bottom is already in here.
Victoria, on the other hand, has gone back into another lockdown.
In Melbourne all international arrivals have been halted, and anecdotally the renewed lockdowns have seen some residents feeling upstate or quickly heading interstate, while many prospective visitors to Melbourne have simply stopped bothering booking flights.
Vacancy rates did appear to have peaked, but now the lockdown may stall things again.
As noted the other day, CBD rents have already fallen 33 per cent in Melbourne, so there's probably more to come here yet.
Fingers crossed that Melbourne ends its lockdowns soon, though two new coronavirus cases were reported today (only one of which was locally acquired).
