'Now is the time to move': Sydney rental prices PLUMMET as property owners struggle to find tenants for beachfront homes due the coronavirus
- Rental prices across Sydney have dropped due to the coronavirus pandemic
- Landlords are offering discounted weekly rates for a few months during crisis
- There are discounts at Bondi Beach in the east and on the Northern Beaches
- Here’s how to help people impacted by Covid-19
Tenants looking for beachfront homes in Sydney have been encouraged to make the most of plummeting rental prices brought on by the coronavirus pandemic.
Ric Serraro from Raine & Horne in Double Bay said they have seen up to 30 per cent price drops on some properties in the city's exclusive eastern suburbs, including at Bondi Beach, due to the health crisis.
'The tenants have got more choices, if you're looking to move into a suburb where you thought you may not have been able to afford, now may be the time,' he told Nine News.
A two-bedroom apartment across the road from Bondi Beach has dropped its weekly rent from $920 to $650 due to the COVID-19 outbreak.
Tenants looking for beachfront homes in Sydney have been encouraged to make the most of plummeting rental prices brought on by the coronavirus pandemic (pictured: A house up for rent in Manly)
Facebook groups are filled with desperate tenants hoping to find new housemates (Pictured: A room for rent in Woollahra Sydney)
Rental prices have been reduced across Sydney and a number of rooms in highly sought after areas are now on offer
Another two-bedroom apartment just minutes from Australia's most famous beach reduced the rent from $650 per week to $500 per week for the first four months.
'Offering a minimum 12-month lease with a rent reduction for four months during COVID-19,' an advertisement read.
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The reductions come after many renters left the market due to the health crisis; either moving back in with parents to save money or expats going back overseas.
Australia was also forced to shut its borders to control the outbreak, stopping migrants from entering the country.
'Each year we get about 240,000 new migrants that come through on a net basis and that translates into a lot of underlying demand for new accommodation and we're just simply not getting that now,' Louis Christopher from SQM Research said.
A two-bedroom apartment across the road from Bondi Beach has dropped its weekly rent from $920 to $650 due to the health crisis
This two-bedroom apartment - just minutes from Australia's most famous beach - was reduced from $650 to $500 for the first four months
'This is a tenants market clearly and it's going to be great for tenants over the course of the next six to eight months.'
Rental property prices have also been slashed on the Northern Beaches.
A four-bedroom home in Fairlight, which neighbours Manly Beach, has been discounted by $445 per week.
'Property has been significantly reduced to $950 per week for the first 6 months of the lease agreement, rental will then return to market value of $1,395 per week,' an advertisement read.
Rental property prices have also been slashed on the Northern Beaches. A four-bedroom home in Fairlight, which neighbours Manly Beach, has been discounted by $445 per week
'Property has been significantly reduced to $950 per week for the first 6 months of the lease agreement, rental will then return to market value of $1,395 per week,' an advertisement read
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