Agree totally, @Manta. I know of a number of uni students who left share houses during COVID because rents in snazzy inner Melbourne apartment blocks were half of what they were in 2019 with the absence of International students. A 2 bedder 20th floor apartment was $300/week during COVID. Unbelievable value. So-called greedy landlords were hurting. Those in Melbourne lucky to have tenants were giving rent holidays, lowering rent below what was contracted, basically doing anything to keep their tenants happy, in part because the Victorian government’s main line was that landlords were greedy and could afford to give money away and ‘let’s make every single regulation or practice favour tenants over landlords’. And tenants certainly did take advantage. Now the tables have turned.
Unfortunately, the pivot from COVID has been exacerbated by the effect of those who chose to upsize and can no longer downsize (where can that second TV and extra couch go?). The market is distorted, and demand for larger properties is far higher than it should be as a result. This is where we are today. A sad reality for all.