While we have had a great start to the year, we have seen the rental market slow down over the past couple of weeks. The number of tenants looking for rental properties has dropped significantly from the previous two months.
We believe the ban on flights into Australia has 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 overseas and cannot 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 demand. We are very lucky that we secured most of our tenancies last year or in the first 6 weeks of this year.
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