Rental prices have crashed in Australia's biggest city centres as international students are locked out from the country due to border closures caused by the Coronavirus pandemic, reports BNH News (12 November 2020). This has caused vacancy rates to surge in central business district and inner suburbs of Sydney and Melbourne. Georg Chmiel, the executive chairman of Chinese real estate sales site Juwai IQI, said the virtual end of international student arrivals, for now, was bad news for property investors. "It will be pain before gain," he said. Chmiel urged Chinese prospective investors to consider buying a distressed rental property from a struggling landlord.
