Over the past year and across 57 suburbs, Chippendale included, median rents dropped by 10 percent or more. As a result, residents across the city have managed to save money as their property owners decreased the cost of their rent.
In Chippendale’s case, the median asking rent of the suburb dropped to $550, having decreased by 15.4% over the last year. Traditionally in-demand areas had increased unit supply in order to keep up with the influx of residents and visitors, however the strict border restrictions brought about by the pandemic keeps them unoccupied, decreasing rental demand.
Areas high in demand with people from abroad such as tourists, international students, and new migrants suffered as a result of the pandemic pandemic, receiving significantly less visitors and residents moving in from other countries. With the lockdown on the rise, the increase of jobs that required remote working meant inner-city living was becoming less ideal.
For instance, Millers Point witnessed a 30.5% decrease in their median asking rent down to $695, and the city of Sydney’s median asking rent dropped by 20% down to $600. Demand has been steadily increasing, however, and workers are beginning to move back into offices as the pandemic becomes more contained.
