While we have had a great start to the year, we have seen it slow down over the past couple of weeks with the number of tenants looking for rental properties dropping from the previous 2 months.
We believe the ban on flights into Australia had a large part to play in this with 13,000 students unable to start school recently.
We have also had a number of tenants wanting to terminate their lease due to hardship as they are stuck and can’t get into Australia.
This is starting to cause an oversupply in the rental market and we are seeing rental prices starting to slide to meet the demand.
We are very lucky that we secured most of our tenancies last year or in the first 6 weeks of this year.