Rental Update

Houses and family homes are hard to get. Demand is high with people are returning from overseas. From sea and tree changes looking for places to live, they are demanding modern homes, which are few and far between at the moment. At Abercromby’s we expect that as the international borders open and people once again become confident enough to travel internationally for work that they will lease out their homes in Melbourne, supplying more stock.

It’s traditional for the rental market to enter a brief hibernation at this time of year, from mid-December to mid-January when people leave the town for the coast and country. A strong wave of demand will reawaken the market in the second half of January when people return for the new school year.

Whether demand will push up rent in 2022 will depend largely on the return of internationals to work and study in Melbourne. Will they come back in large numbers or not? It is hard to know in such unpredictable times. At the time of writing this the Omicron variant of COVID-19 appears to engender only mild symptoms in those infected, so hopefully it won’t be a market factor for too long. But it is a reminder that COVID-19 isn’t played out yet.