Keeping track of the rent, part 6

I've been slack and haven't kept up with the high end rental properties on offer around this way for a month. Most seem to have moved, apart from a place at 6 Shackel Ave, which is still on offer at $880 per week (down from an initial asking price of $950). It first came on the market (as far as I can tell) on 26 May. That means it is now in its 18th week of emptiness.

Hmm. 18 weeks times $880. $15,840. That's the GDP of small African countries.

Now for the other properties.

9a Wrights Road DRUMMOYNE - still on the market at $780 after 9 weeks.

32 Barton Ave Haberfield - now on the market for $900, down from $1,000 a month ago. Seems to have been on the market since mid June.

18 Fitzroy St Croydon - went on the market 2 months ago at $900, but has finally moved after 2 months by dropping the rent to $800.

20 Burnell Street DRUMMOYNE - went on the market a month ago at $750. Still on the market, but now listed at $650.

68 Abbotsford Pde Abbotsford - went on the market a month ago at $900, appears to have leased for $850.

What does this tell us?

High end properties are moving, albeit slowly, and they need to be discounted before anyone shows interest. Given that a year or two ago, tenants were fighting over properties and offering higher rents, this is a big turnaround in behaviour. If you are looking for an expensive rental property, the best thing you can do is offer a lot less than the asking price.