Australia real estate boom leaves swath of empty property

Posted by Simon Dehne on December 20, 2015 in Latest News with No Comments


vacant_houseSYDNEY (BLOOMBERG) – Australia’s three-year property boom is leaving Melbourne awash with empty homes.

In the country’s second-biggest city, growing numbers of local landlords and absent overseas owners have locked up their properties – forgoing rental income as they focus instead on price gains, a report by Prosper Australia said on Wednesday (Dec 9).

Some 82,724 properties, or 4.8 per cent of the city’s total housing stock, appear to be unused, said the report, which estimated occupancy rates by gauging water usage.

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