No, it would increase the number of tenants looking to move into the $500/week properties which would cause prices to move UP not down. I'm sure the last couple of rate cuts did more for the bottom line then having the place rented would.
How considerate of you, its a shame you are not so nice on the other place or we could have become mates mate.
Did you read the original article ? There is mention of median falls of 15.9% on Kirribilli and Milsons Point on 1 bedroom apartments which can rent for well into 4 digits and then at the end of it mention of North Shore properties listing for up to 3 weeks and some having to cut $20/week to attract renters. Prices there start around $300/week for a little dog box and go above $5000/week, not sure where do the $20/week cut in but even at the low end of the scale its hardly tumbling rental returns. But hey, if it gives you hope in your times of desperation....
Obviously someone forgot to tell that to the fake landlords in Botany Bay.
http://www.housing.nsw.gov.au/NR/rdonlyres/DBD001E0-4220-45ED-9145-2FF7C9B7B5B4/0/RSReport85.pdf
Within the Sydney SD, the largest annual increases in
median rent for one bedroom flats/units were recorded in
Botany Bay (42.9%) and Strathfield (26.0%).
Do you think that its possible that a lot of Milsons Point renters just packed up and moved to Botany Bay or could it be that the landlords in Botany Bay haven't heard the bad news ? Maybe if you and your mates spend more time posting scary dribbles on news blogs you can get them to panic and drop their rents.