Principals and Property Managers Survey Results
Core Logic have attempted to capture the heart of what is happening out there in Property Managment Land. There are some interesting results from the survey. They surveyed Real Estate Principals and Property Managers with a minimum of 100 Properties under management across a two week period in August.
Plenty of data suggests certain rental markets have deteriorated amid the COVID-19 pandemic. CoreLogic data showed a 0.8% decline in national rent values from the end of March to the end of August, with more acute falls in the unit markets of Sydney and Melbourne, where rent values have fallen 4.2% and 4.4% respectively over the same period.
The closure of international borders has created a shock to rental demand, as most migrants rent when they initially come to Australia. An estimated 21.1% of payroll jobs have been lost across food and accommodation services since the onset of the pandemic, an industry where people are more likely to rent. The exposure of inner city areas to overseas migration, and inner-city workforces to accommodation and food services, has made these markets particularly susceptible to a rise in rental stock, and lower prices.
But less data exists on the current dynamics between investors and landlords which is becoming increasingly important as we approach the expiry of a moratorium on evictions, which have already been extended in some states. CoreLogic conducted a survey of property managers, and other real estate professionals using the RP Data Professional platform. The survey provides some insight into rental conditions across the rental properties overseen by these professions.
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