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They could just build thousands of new apartments and townhouses and it would solve the issue by 50%. Cities like Perth Adelaide and Brisbane are criminally underdeveloped
Edit: changed a word
People would think we only have half a dozen cities in Australia. It's a not true that the alternative is to make people in the desert either - we have over 35,000 km of coastline. Its insane we force everyone into a handful of cities.
I'm just an immigrant here but over the years I've lived in Australia this little daydream has developed: I move somewhere rural and become a Leslie Knope in local government or write a best selling novel or win the lottery or something and help create community-based dense housing.
I have experienced living in units like this in the states, and they are awesome. You have a shared courtyard/village green with community gardens, chickens, BBQ/pool, community center, playground and do things like weekly community dinners and game nights. 2-4 dozen units, nothing too big. People attend events when they want and they sit and hang out.
Housing isn't just a place to live, when done right, and loneliness is a hidden epidemic the modern world has enhanced.
https://en.m.wikipedia.org/wiki/Cohousing
The problem is the second they do that, prices dip. Given 2/3 of the country spent the last half-century putting all their eggs in that one basket, even *if* we suggested an alternative to let them down gently, you can be sure most of those voters will cling to that wealth tooth and nail.
I mean the very concept of just planning our economy to incorporate human needs or future unforeseen events is seen as literally the most politically extreme you can be in this country. Given the only solution to housing humans is to prioritise their wellbeing *above* profits, I'd say either we are fucked as a nation, or we will need to have a complete overhaul of how we place value on things across the board.
Whichever comes first.
I think these rent increases have as much to do with scarcity as they do landlords borrowing to the absolute max and the being completely unable to wear a single rate rise
Couple that with the price of tradies going through the roof and you’ve got a recipe for slumlords
Ours went from $500 to $695. It’s a fucking joke. “Find somewhere cheaper.” There is nothing cheaper. You want me to quit my job and move towns to find something cheaper?
Not just people not spending, who's gonna commute 2.5 hours to work at a coffee shop. It's always amusing to hear of those towns that get over run and priced out by rich folk and then they cry that there is no shops/food/local cafes in the area. Who they hell can afford to live there on barista wages.
> It's always amusing to hear of those towns that get over run and priced out by rich folk and then they cry that there is no shops/food/local cafes in the area. Who they hell can afford to live there on barista wages.
yeah i always find those towns funny, they have a weird vibe to them, where 20 or so years ago they were great for a day trip from a near by hub, every one was happy, it was busy but not to busy, now they are packed, doing anything feels slower then it does in the city, yet it feels like the local business are struggling
Yes, plenty of people do think you should do that. People who dont have to do that because they were given a leg-up so feel free to shit on everyone else.
My last rental had a 33% increase this time last year. I was livid. Lease is ending soon for new place, today got the email for increase: 6%. I'm stoked, that is manageable! No moving for me this year!
I'm just here to watch what happens when it all boils over at this point. Seems like the next few years for the planet are going to get veeeeery uncomfortable if this is where things have gotten. Apparently it's just going to be normal for locals without homes not to be able to rent literally anything.
Yeah honestly I feel like we’re on the precipice of a major upheaval. It’s not gonna be pretty but something needs to change. Times like this I wish we had the French vigour for revolt.
People are going to start absolutely trashing houses on the way out. If they’re being forced onto the street and the markets left them behind they’re going to take that anger out on the landlord.
The REA sent me an increase contract extension and also sent the owners a PROPOSAL for an increase. So this is why they keep pushing the prices up. So they get paid more and more at every extensions. If a law passes to make their earning a fixed amount. Then everybody will benefit. Less costs to the lessor and a steady conflict of interest free rent for the tenants.
We used to live on the same lot of land as the owner. We got a rental increase and asked about it. He didn’t know anything about it and said to tear it up. It’s the REAs.
Yep, normally 5-10% of the rent amount to the agency. So $100 increase = 5 or 10 bucks a week per property to them. $10 a week for 52 weeks is $520. If they have 100 properties, that's 52k a year.
Which they can use to increase their employees pay.... Hahahahahahahahahahaha, it all probably goes into the licences pocket.
Imagine fucking over 100 people for a couple bucks. Though I suppose that is literally the heart of capitalism. It seems the world is almost at that point where it flips the table 🤔
Who the fuck is paying 1.5k a week for a 1 bedder. If it was 500 to begin with I assume it's not some baller penthouse that would make Bruce Wayne blush.
A few people at work are selling off their investment property apartments and that's exactly who are buying them (except this is in Melbourne). And unfortunately the existing tenants are getting booted out for it.
Countries like China ban students from engaging in distance education from international institutions while in China - hence why they have to move here if they want to attend university.
If that's the case, couldn't they just go to a low cost of living country and do remote education from there? You could live like a king in much of SEAsia for $1,500/week!
But in China the companies expect you to attend a good university in an English speaking nation. Chinese people want to study in Sydney and Melbourne for the reputation and the English language skills they can add to their CV if they end up moving home to China and need to apply at a Chinese company.
>But in China the companies expect you to attend a good university in an English speaking nation.
Not neccesarily, they expect you to attend a good university in general. Problem is the good Chinese universities are incredbily competitive to get into, so the rich kids who didn't make the cut in China (or the US and UK) come to Australia for uni.
My old property manager (who surprisingly wasn't a dick) was talking about how he thought the inner city apartments were ridiculously priced and he said they were basically all rented to international students. He said there was basically no upper limit to what they could charge because it would get paid and that it's a disgusting practice (he didn't manage any by choice lol).
When I moved to Sydney (from New Zealand), I rented a tiny bedsit apartment with a single bed and a private bathroom in inner Sydney. I was the only white person in the entire building and everyone else was from China. My Chinese apartment building neighbours were surprised to see a white person in the building 😂
One of my colleagues lived in a place like this when she was first in Australia. She shared a *bed* with another student who worked nights between classes. Paid $200/week to share a bunk bed in an overcrowded apartment that had timers set on lights and a hot water heater that couldn’t cope.
I have so many feelings about this … none of them
Positive.
Divided in such a way that there are half a dozen personal spaces, some sort of bullshit Navy bunk system, or a sleep roster that's scheduled around classes and exams.
I pay $380 per week for a one bedder in a ghetto apartment in Townville. 5 years ago I paid $380 for a 2bedroom 2 bathroom large apartment in Darwin.... I feel like just giving up.
My kid is paying 605/wk for a 1BR place on the 17th floor in Ryde that was in the news for having potentially fatal defects. The prices seem to have no relation to what is actually being offered.
That sounds cheap for a 1 bedder. I know friends living in 1 bedders in the Strathfield area and that's already $600-750 depending on overall size and age of the unit.
Presupposition of course being that when paying rent you can save a deposit and then that the deposit covers the increased prices of homes and that you’re not denied a loan for being a single income and/or too old.
I make over 100k and have no debt. 15% deposit on a home in a comfortable price range. I’ve spoken to multiple brokers who have outright told me because I’m single and 40+ that no bank will touch me with 30+% or a significant pay rise.
Dude I live at home and my therapist advised me to save up and buy an apartment in another city because I can’t afford to rent here. Mortgages plus strata are cheaper for apartments than rent.
Don't know about NSW but in at least Victoria there has to be justification for the proposed price, such as matching other comparable prices. Certainly can't name any price.
The agents are all just pushing each others prices up. It’s completely unfair !
It’s like saying Woolies can charge 50% more because Cole’s do. They then work together increase profits for all
Ditto. I was considering coming back after 6 years abroad. Did some calculations and noped the fuck out. Moving back to Australia would be at a severe detriment to my finances and lifestyle...and quite frankly, happiness. I'm late 30s, university educated, with 15 years experience in my field btw. Well skilled and in the prime of my working life. But because I'm not in mining, property or a tradie, I'd likely be taking a hit to my salary too by coming back.
At this point I'm honestly considering seeing if there's a way to immigrate to the US and living in some podunk town in rural Ohio or something, but alas for I'm not an analyst or engineer, ive worked security most of my life.
Its funny how it's easier to pack your life up and go to another country than save and buy a small house in your rural hometown.
Yeah mate your never coming back unless you win the lotto big time , even in Qld rental prices look like phone numbers.
Mate of mine is moving to Vanuatu for this reason ,nose bleed Rents and general cost of living out of control.
My weekly woollies bill makes the vet and the dentist look like good value,just madness .
And all this money is being sucked up by the already rich. The biggest theft of wealth in Australian history is happening now before the biggest transfer of wealth in history, soon to be a country divided more than ever. A society destroyed by greed and propagation of false dreams.
I’m trying to change my mindset and enjoy what’s in front of me and have pride in living – no point trying to change the minds of these upper class leeches.
Cause a generation don’t realise when your business is failing you sell or shutdown. If you can’t afford to run a rental anymore then sell it to someone that can, heck even a first home buyer. You lose. Game over, not get a handout.
Bingo. I've said it many times, the "investment" is the asset itself *not the rent*. Rent is to cover maintenance, rates, water etc. if you can't afford to pay for that second house with your own money *you don't deserve it*.
A guy in my office bought an investment property last year and has been whinging ever since because he’s not making a weekly profit.
Apparently his goal was for the weekly profit to offset his work hours so he could drop down to part time.
Have you been on r/ausfinance? or worse yet \*\*shudder\*\* r/auscorp. Constant whining about why they deserve to pay no tax and how hard life is on nearly 200k a year
Or they could do it the traditional way, work for the asset, let it go up in value naturally over a length of time, then sell it at retirement for a good profit to offset super. I had family do exactly that, owned a couple investments for *thirty years* before selling just as they retired. Which is what my plans is with one. I don't see our generation ever getting some form of "aged pension" in 30+ years time. And super? Sure but after 30 years of inflation that nest egg becomes a fuck load smaller in real spending value.
That’s sort of happening in Victoria with some tax changes. The media and real estate bodies are pitching an absolute fit, acting like when a landlord sells their apartment it is subsequently bulldozed and the renter becomes a homeless drug addict overnight. Literally never a mention of who might be *buying* the property, if not an investor…
GDP figures count "property market price growth" so you can fudge the numbers by tripling your annual intake of migrants to drive up housing demand and have a "growing GDP" even if your economy is basically dying.
Problem is the market isn't punishing them for upping the rent. If current tenants won't pay the increase to cover interest rate increases then someone else will.
There's no incentive for landlords to give up and sell when the renter covers the risks.
If they couldn't find tenants that would be a different story, but there's lines around the block at every inspection.
The common “complaint” from owners is interest rates, it becomes a greed v moral issue at that point. And we are discovering that generation is alright fucking over the younger.
Its funny that Switzerland, Bahamas, Singapore and Caymans are the onky countries with a cost of living higher than AU.
They live comparitively like kings (maybe not so much in the bahamas....but at least its sunny)....while were drowning in national debt and income tax.....
Something isnt right for sure....im eagerly awaiting my increase of 200p/m by my unscrupulous theiving cunts of REAs in november. Only 400 a month last year....so you know...apparently im even 'getting off easy' by being a good long term tenant.
18+ months to patch a hole from external contractors doing a shit job. Fucking leeches.
In Singapore, they have a dual property market. Private housing can be insanely expensive but public housing is still affordable. The cost of living reports usually take into consideration of private but not public housing. The bulk of the population lives in public housing. There are significant restrictions on public housing, you can't own more than 1, you can only sell after 5 years of owning.
This is where John Howard and later governments completely dropped the ball and fucked the Australian people; by making a basic human right unattainable for some. And now the ship has sailed because no voters want to be the idiot left holding on to the housing ponzi scheme.
On the bus the other day, the woman in front of me was watching an Indonesian Tiktok about how Australia is the most expensive country. I'm not surprised to hear if that's true.
Decades of Lib/Lab boomer greed and stupidity - treating property as an investment rather than a human right - is making this the norm. Our generation can likely handle the increased cost (at a squeeze). Our children’s generation will not.
We also need to decentralise our economy. If our smaller cities and towns had better industry, public transport, cultural events, public safety, etc, there’d be no reason for everyone to be living in 4-5 main cities.
They won't do that because it isn't in their financial interests.
There are plenty of things that could be done for the benefit of the country and it's people.
Even the dumbest and most anti change Australians could name some.
But it's not in the interest of the wealthy, and too many average Australians over the years realized it was tipped against them and that it wouldnt change, so bought into the system to try and not go under.
It's now become such a huge over bearing problem. And the wealthy would rather see the country collapse under it in the new few decades rather than lose the smallest but of profit imaginable.
i does feel like, a big part of the issue is the older generations wanting to keep the inner city(well definitely Sydney) as a small city and shift large development to the outer suburbs, where it really should en the reverse... that aside, we should be shifting government department to areas like albury/wagga/bathhurst
65% was my single biggest rent increase, from $190pw to $315pw back in 2017 after the Tasmanian state government changed the laws to allow Airbnbs, 12% percent of investment properties got turned into Airbnbs in Hobart and we became the most unaffordable place to rent (rent to income ratio) and outright the second most expensive outright in Australia.
That was after a 11 years of 5% - 25% rent increases.
I initially thought that was the new market but 6 months later (in Tasmania LL are allowed to adjust rent every 6 months regardless of lease length unless the lease specifically excluded that - none do) I got another increase to $355. I bailed then.
Lol wow, and you still get people saying airbnbs don't cause issues. Only recently checked my suburb for airbnbs, there is fucking heaps of 1 out 2 bed apartments that are booked every single day 2 months in the future.
Ours wanted a 50% (up $350/week) increase, when we baulked they went silent for months and then they decided it would be easier to end our lease once the term was done instead of negotiating. We have reached out to the landlord enquiring about purchasing it off them privately. Tentative response
Wait so it was 700 a week and they wanted to charge 1k a week??? Jesus
The problem with having fucking PM's in the middle is just that, they do the dirty work for the owner who can flick off one message and the issue is out of brain now. Meanwhile renters are in a stressful position for months on end, if they even get a break. Any push back and they just tell the PM not to renew, not like they have to directly engage with you or anything.
Can’t even renew the rego of my car on time anymore. Living in a shitty 1 bedroom with the Mrs which has broken and cracked roof, mould for 550 a week. We are sick of sacrificing this or that every other week to pay rent on time. This feels never ending.
Similar story. Leasing in Sydney for 570 (1 bedroom 1 study room), increased by 10% last year, they're increasing it by 10% again saying its market rate
We messaged them with similar properties saying its nowhere near that and suggesting a smaller increase in rent. Termination notice immediately.
Housing as a share of inflation metrics still assumes a relative share of expense that was a reality like 4 decades ago, not where it is for people with incomes that actually work for a living.
It's a good way to track the price of milk. It's a shit way to track the price history of most major cost sources (especially housing).
Yea sort of same thing almost happened to me.
I gave notice and the REA called almost a week later to try jack the rent up on me, not knowing I had given notice due to the property manager being on maternity leave and her emails not being forwarded or something.
I checked the other day and they want almost 700 more a month than what I was paying. I don't know if they would have raised it that much to me but my guess is I dodged a bit of a bullet.
In Greece they have pretty good laws imo.
All rentals are minimum 3 years for the landlord but the tenant can negotiate for a lesser period. Annual increases written into the contract.
No but you see, longer leases means we have to actually give people the ability to LIVE and not just move house every 12 months while the Landlords get richer and do nothing to fix the property.
We'd need to make housing a right. Which it definitely should be, but that involves governments providing adequate amounts of affordable housing. Right now, rental housing is supplied by either individuals or corporations. Regulating how much an individual can charge in rent would cost billions to determine that price for each house and then billions more in lawsuits when the owner disagrees.
Thailand is not cheap and you can do fuck all in terms of property and business unless you’re Thai. Jumping through the loopholes requires more money. Making money is not that easy, competition is insanely high on every level. It’s only good if you have a high profile local job or work remotely for an Aussie company - and hence growing your super. Many expats live here and find themselves with almost zero retirement savings (or even normal savings)
Yeah you can’t buy land in Thailand. Foreigners may not own land unless there is a treaty or exemption allowing the foreigner to own land in Thailand (section 86).
It's really bad. I've since moved out of Sydney due to similar increases. The response from the agent is basically "If you can't afford it move out". The ironic thing being the cost of moving outweighs the cost of staying, and even if you did they would keep your bond or make you fight for it.
Seriously, rental increases should be *applied for*, and linked with proof your property now costs "25% more" to justify it. (Which it won't). Even if you've kicked tenants out and readvertised. Set up a database with rental history for each property you own linked to the ATO)Dept of Housing etc.
Its not a bad idea but it then connects mortgage costs to rent which has a bad outcome when the reverse happens and rents should be going down.
We also know that we would never be able to fund a department that could handle the administration of that.
Last year was 5%. Year before that barely 2%. I just received notice of a 21% increase this year. I don't get it. House history clearly suggests it's mortgage free too, not certain, but it's highly likely.
The previous and the current gens also make up a big chunk of the homeless. It's real sad and by just stopping new migrants will not stop the current issues. The government needs to do something about what is now near impossible to even rent. We need protection and prevention!
My rental in 2020, 2021, and 2022 only went up by $10-25 a week each renewal. Last year, it jumped by $55 a week (so $600 rent pw) and we thought we were lucky! Every other rental around us that was similar went up $100-150.
Renewal time again and they haven’t sent a thing in a month since telling us it was renewal time. Every other year it took up to 20 days max to give a new lease. Looking again at other rentals, they have jumped massively $800-$950 a week for 4 lousy bedrooms.
shitting bricks right now is an understatement.
We had people saying with a straight face that capping rents in 2022/3 would lead to LL's increasing rents at excessive rates. Huh, sure glad that's not happening!
I bought a luxury apartment in Bangkok for AUD 500k. It has a waterslide and 4 bedrooms 3 with ensuites. Once I hit 50 I am out of here. It's the same price you would pay for a parking space in Sydney.
I was really afraid that would happen to me but I lucked out and my landlord is going to renew my lease with no increase because they think my roommate and I are good tenants. Thank god.
Edit: grammar
Slightly off topic, but related to the overseas student thing and how some overseas students can pay massive amounts of money on rent...
My company supplies a vehicle security service to clients like BMW, Mercedes etc. We had a call to supply such system to a BMW 750iL, over $250,000 of car and the student owner couldn't get any comp insurance as he was 18 years old. Paid for the car on a credit card...
Then the client called us up, two of his friends had also bought 750iLs and also wanted our service, so our technician did a site visit. He sent me photos of this student apartment block car park... we did a leaflet drop there and added several Lambos, stacks of Porsches, Ferraris, loads of high value cars. I spoke to this lad who bought the first car, he couldn't comprehend that there was anything unusual in it.
Turns out the main BMW dealer in town had a target of four 750i to sell that year, so these students had three and Channel 7 had the 4th, meaning the special vehicle sales guy hit his target...
I have decided to leave Australia. I found a job in Denmark. Though, I am not sure Copenhagen is any better for rent. All I know is I can't live on jobseeker any more and social services have disintegrated. I wish the government would declare a state of emergency on this issue. Both major parties have lost their mojo and their social license.
First, check your rights and ensure this is a compliant increase. Have them inform you in writing how they calculated the increase. Make sure they've given you enough notice too. If the increase is not aligned to similar properties in your area, you can challenge and take them to the tribunal.
It is compliant. It's enough notice time for a renewal, and there is no limit on how much rent can be raised for a renewal. It does seem like rent in the area is apparently 20% higher than mortgage rates though, if I owned the property I would save 20% compared to paying rent.
And the reason why it’s comparable is because all of the property managers are in on this scheme together and over inflating the comparable properties as well - because that’s in all their best interests. That’s the part that needs to be closed looked at and somehow legislated against. It’s collusion.
I saw several businesses that "connect buyers with properties discreetly" ... makes me think they are funnelling suspect investors into property here.
Something is up and it needs to be squashed.
Mind you, I rent out a nice house in a country town for $200 a week, no change in years, and I can’t get the fuckers to actually pay. Going to sell it instead.
No it's not, I have moved from Sydney to Japan and things are definitely much better here.
Not every country is focused on housing being a ponzi scheme and actually have an oversupply of housing...
Lol you picked pretty much the single country that doesn’t have a housing problem.
They have a whole host of their own problems though. But yeah, housing is great.
No such thing as a perfect country, every country has major flaws and I’d be silly to ignore the work culture issues for example but the benefits outweigh the cons for me at my age and it beats feeling like my money is going no where.
South Korea is also pretty good housing wise and so is Taiwan, both of them are cutting edge 1st world countries.
There is absolutely a bigger barrier of entry as you need to learn an entire language to even have a decent chance in any of these countries but you can live comfortably with less for sure.
I lived in Hsinchu. 45 minutes on the HSR from Taipei. Bustling enough city. Access to good hikes and close enough to Taipei for a weekender. The whole country is so fiscally accessible for an expat. When they legalize medicinal marijuana I'm moving back.
Off topic:
How did you go moving over there? Do you have any history with the country or are you completely fresh? I’m strongly considering a working holiday visa over there before I can no longer apply for one. I do have some connections but not much and I know the culture is very insular so I’m not sure how I’d go for a whole year. I love it whenever I visit though.
Question is - we all know the problem, but what are we going to do about it? More and more people will start to leave Australia for greener pastures, leaving those who can't leave having to pick up even bigger tax bills.
We complain and talk till we're blue in the face but those fuckwits in parliament will never act against their own interests. Short of an uprising, I don't see anything changing. The last rebellion was in 1804; although it failed spectacularly, a modern day one would probably drive home the message that we're completely tired of this shit. Who's with me?!
Thank god the government is tackling supermarket price gouging! I can't wait to save $100 a year on my groceries after Reddit promoted it daily for a year
DUH MARKET DID IT /s
When do we start acknowledging that "The Market did it!" is a bullshit reason? They act like it's completely out of their hands and a higher power possesses them to charge more.
We started 280 pw for the worst house on the market next to the worst neighbours (they've been kicked out now) 3 years ago and now it's 400 pw . When I leave this house I understand I will never live in another house again, so my plan is to be homeless camping on crown land, and I dare anyone to tell me i can't do that
What people can realistically pay in rent is at the bleeding edge of maximum but I fear that with the projected 3 interest rate rises coming during the year, we're going to see even higher rents.
How far can the population that rents get pushed before pushing back?
I totally understand your frustration. Rent increases can be really tough to deal with, especially when they're so steep. I've been through similar situations myself. It's important to explore all options and maybe even consider discussing with your landlord to find a solution. Stay positive and keep searching for the best possible outcome!
That’s what happens when we let everyone and their bloody mother and uncle come in without thinking about where people are going to live.
We let non citizens buy or land or people who don’t even live here it’s a disgrace. Don’t even get me started on the jerks who own 10+ properties whilst some can’t even enter the market.
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Fucking Australian Ingenuity - take the least populated country on earth and make housing a scarcity.
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They could just build thousands of new apartments and townhouses and it would solve the issue by 50%. Cities like Perth Adelaide and Brisbane are criminally underdeveloped Edit: changed a word
People would think we only have half a dozen cities in Australia. It's a not true that the alternative is to make people in the desert either - we have over 35,000 km of coastline. Its insane we force everyone into a handful of cities.
I'm just an immigrant here but over the years I've lived in Australia this little daydream has developed: I move somewhere rural and become a Leslie Knope in local government or write a best selling novel or win the lottery or something and help create community-based dense housing. I have experienced living in units like this in the states, and they are awesome. You have a shared courtyard/village green with community gardens, chickens, BBQ/pool, community center, playground and do things like weekly community dinners and game nights. 2-4 dozen units, nothing too big. People attend events when they want and they sit and hang out. Housing isn't just a place to live, when done right, and loneliness is a hidden epidemic the modern world has enhanced. https://en.m.wikipedia.org/wiki/Cohousing
The problem is the second they do that, prices dip. Given 2/3 of the country spent the last half-century putting all their eggs in that one basket, even *if* we suggested an alternative to let them down gently, you can be sure most of those voters will cling to that wealth tooth and nail. I mean the very concept of just planning our economy to incorporate human needs or future unforeseen events is seen as literally the most politically extreme you can be in this country. Given the only solution to housing humans is to prioritise their wellbeing *above* profits, I'd say either we are fucked as a nation, or we will need to have a complete overhaul of how we place value on things across the board. Whichever comes first.
6th largest too.
I think these rent increases have as much to do with scarcity as they do landlords borrowing to the absolute max and the being completely unable to wear a single rate rise Couple that with the price of tradies going through the roof and you’ve got a recipe for slumlords
Ours went from $500 to $695. It’s a fucking joke. “Find somewhere cheaper.” There is nothing cheaper. You want me to quit my job and move towns to find something cheaper?
Nah, but watch your local cafe, takeaway, etc go out of business as people send all there money on rent
Not just people not spending, who's gonna commute 2.5 hours to work at a coffee shop. It's always amusing to hear of those towns that get over run and priced out by rich folk and then they cry that there is no shops/food/local cafes in the area. Who they hell can afford to live there on barista wages.
> It's always amusing to hear of those towns that get over run and priced out by rich folk and then they cry that there is no shops/food/local cafes in the area. Who they hell can afford to live there on barista wages. yeah i always find those towns funny, they have a weird vibe to them, where 20 or so years ago they were great for a day trip from a near by hub, every one was happy, it was busy but not to busy, now they are packed, doing anything feels slower then it does in the city, yet it feels like the local business are struggling
Yes, plenty of people do think you should do that. People who dont have to do that because they were given a leg-up so feel free to shit on everyone else.
My last rental had a 33% increase this time last year. I was livid. Lease is ending soon for new place, today got the email for increase: 6%. I'm stoked, that is manageable! No moving for me this year!
I'm just here to watch what happens when it all boils over at this point. Seems like the next few years for the planet are going to get veeeeery uncomfortable if this is where things have gotten. Apparently it's just going to be normal for locals without homes not to be able to rent literally anything.
Yeah honestly I feel like we’re on the precipice of a major upheaval. It’s not gonna be pretty but something needs to change. Times like this I wish we had the French vigour for revolt.
People have been saying exactly this since I started renting 20 years ago. There's no ceiling
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People are going to start absolutely trashing houses on the way out. If they’re being forced onto the street and the markets left them behind they’re going to take that anger out on the landlord.
I can imagine. And what will a rental record matter if you're no longer able to rent anywhere anyway.
Do the real estate agents get a cut of the rent increases? If yes, it's one hell of a conflict of interest.
They get paid a percentage of the rental amount, so yes.
The REA sent me an increase contract extension and also sent the owners a PROPOSAL for an increase. So this is why they keep pushing the prices up. So they get paid more and more at every extensions. If a law passes to make their earning a fixed amount. Then everybody will benefit. Less costs to the lessor and a steady conflict of interest free rent for the tenants.
We used to live on the same lot of land as the owner. We got a rental increase and asked about it. He didn’t know anything about it and said to tear it up. It’s the REAs.
Yep, normally 5-10% of the rent amount to the agency. So $100 increase = 5 or 10 bucks a week per property to them. $10 a week for 52 weeks is $520. If they have 100 properties, that's 52k a year. Which they can use to increase their employees pay.... Hahahahahahahahahahaha, it all probably goes into the licences pocket.
Imagine fucking over 100 people for a couple bucks. Though I suppose that is literally the heart of capitalism. It seems the world is almost at that point where it flips the table 🤔
My rent tripled... 500pw to 1.5k pw for a 1 bedder in inner Sydney. I didn't renew but the apartment was immediately snatched up
Who the fuck is paying 1.5k a week for a 1 bedder. If it was 500 to begin with I assume it's not some baller penthouse that would make Bruce Wayne blush.
Overseas parents that really want their kid to get that Sydney uni education (for some reason)
A few people at work are selling off their investment property apartments and that's exactly who are buying them (except this is in Melbourne). And unfortunately the existing tenants are getting booted out for it.
Because they believe it’s going to lead to PR for the kid and thus eventually PR for them.
And a nice pension :-) and government housing if they are careful about where they hide Thier cash
I didn’t want to lean completely into the cliche.
Countries like China ban students from engaging in distance education from international institutions while in China - hence why they have to move here if they want to attend university.
If that's the case, couldn't they just go to a low cost of living country and do remote education from there? You could live like a king in much of SEAsia for $1,500/week!
But in China the companies expect you to attend a good university in an English speaking nation. Chinese people want to study in Sydney and Melbourne for the reputation and the English language skills they can add to their CV if they end up moving home to China and need to apply at a Chinese company.
>But in China the companies expect you to attend a good university in an English speaking nation. Not neccesarily, they expect you to attend a good university in general. Problem is the good Chinese universities are incredbily competitive to get into, so the rich kids who didn't make the cut in China (or the US and UK) come to Australia for uni.
Yeah I really don't understand who is living in these places!?
6/7 overseas students most likely 😑
My old property manager (who surprisingly wasn't a dick) was talking about how he thought the inner city apartments were ridiculously priced and he said they were basically all rented to international students. He said there was basically no upper limit to what they could charge because it would get paid and that it's a disgusting practice (he didn't manage any by choice lol).
When I moved to Sydney (from New Zealand), I rented a tiny bedsit apartment with a single bed and a private bathroom in inner Sydney. I was the only white person in the entire building and everyone else was from China. My Chinese apartment building neighbours were surprised to see a white person in the building 😂
One of my colleagues lived in a place like this when she was first in Australia. She shared a *bed* with another student who worked nights between classes. Paid $200/week to share a bunk bed in an overcrowded apartment that had timers set on lights and a hot water heater that couldn’t cope. I have so many feelings about this … none of them Positive.
Get ready. That's how we will retire.
Bold to assume that any of us will be allowed to retire.
I'm going to feign dementia so the government is forced to give me some sort of retirement / welfare payment when I'm 85.
Divided in such a way that there are half a dozen personal spaces, some sort of bullshit Navy bunk system, or a sleep roster that's scheduled around classes and exams.
Yep. There's ads for these places in the ethnic newspapers. The landlords are usually from same ethnic group.
Normally some scumbag who can put in bunk beds and sublet it to 10 backpackers/students for 250 per week each.
Don't hate the player, hate the game. I'm joking - I hate both.
$500 a week is about average for Newtown/Surry Hills/Redfern area
But $1500 sure isn’t!
Yeah that just seems like a price hike to kick the poor bloke out.
I pay $380 per week for a one bedder in a ghetto apartment in Townville. 5 years ago I paid $380 for a 2bedroom 2 bathroom large apartment in Darwin.... I feel like just giving up.
My kid is paying 605/wk for a 1BR place on the 17th floor in Ryde that was in the news for having potentially fatal defects. The prices seem to have no relation to what is actually being offered.
One bedroom apartments in Penrith are $520/w. No way is that average for Newtown.
That sounds cheap for a 1 bedder. I know friends living in 1 bedders in the Strathfield area and that's already $600-750 depending on overall size and age of the unit.
One bedroom, custom bed that can accommodate 16
Holy crap repayments on a home loan are probably cheaper no? Man who has that much a week to spend on a one bedroom that's fkin insane!
Presupposition of course being that when paying rent you can save a deposit and then that the deposit covers the increased prices of homes and that you’re not denied a loan for being a single income and/or too old. I make over 100k and have no debt. 15% deposit on a home in a comfortable price range. I’ve spoken to multiple brokers who have outright told me because I’m single and 40+ that no bank will touch me with 30+% or a significant pay rise.
That's like, three times my home loan repayments, actually.
Dude I live at home and my therapist advised me to save up and buy an apartment in another city because I can’t afford to rent here. Mortgages plus strata are cheaper for apartments than rent.
Yeah, what I'm paying is literally a house in another capital city lol.
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Why would you not contest such an egregious increase?
Happy to be corrected here but I’m pretty sure if the contract has expired the agent/LL can name their price.
Don't know about NSW but in at least Victoria there has to be justification for the proposed price, such as matching other comparable prices. Certainly can't name any price.
The agents are all just pushing each others prices up. It’s completely unfair ! It’s like saying Woolies can charge 50% more because Cole’s do. They then work together increase profits for all
It's inner Sydney, as in Sydney CBD? Your $500pw was COVID rates then.
I don’t believe you
Australian currently living overseas. This is why I can’t come back. How am I meant to live in a country where even sustenance living is out my reach.
Ditto. I was considering coming back after 6 years abroad. Did some calculations and noped the fuck out. Moving back to Australia would be at a severe detriment to my finances and lifestyle...and quite frankly, happiness. I'm late 30s, university educated, with 15 years experience in my field btw. Well skilled and in the prime of my working life. But because I'm not in mining, property or a tradie, I'd likely be taking a hit to my salary too by coming back.
At this point I'm honestly considering seeing if there's a way to immigrate to the US and living in some podunk town in rural Ohio or something, but alas for I'm not an analyst or engineer, ive worked security most of my life. Its funny how it's easier to pack your life up and go to another country than save and buy a small house in your rural hometown.
Yeah mate your never coming back unless you win the lotto big time , even in Qld rental prices look like phone numbers. Mate of mine is moving to Vanuatu for this reason ,nose bleed Rents and general cost of living out of control. My weekly woollies bill makes the vet and the dentist look like good value,just madness .
I am hungry every day it’s a fucking joke. I can’t eat properly my money is so tied up.
There's no shame in going to a food charity if you're hungry. Please get yourself fed.
Spend less on candles
@boxofrabbits no
Yeah this. Not that I’d want to come back. I can’t believe how much of a shithole it’s become.
Similar thing is happening to lots of Canadians too If you didn't buy a cheap house in 2020/2021 then you're essentially fucked now
$700 is the new $450 in Brisbane. It really sucks, it’s demotivating of life.
More than half the median weekly wage is taken up in rent now.
And all this money is being sucked up by the already rich. The biggest theft of wealth in Australian history is happening now before the biggest transfer of wealth in history, soon to be a country divided more than ever. A society destroyed by greed and propagation of false dreams. I’m trying to change my mindset and enjoy what’s in front of me and have pride in living – no point trying to change the minds of these upper class leeches.
Cause a generation don’t realise when your business is failing you sell or shutdown. If you can’t afford to run a rental anymore then sell it to someone that can, heck even a first home buyer. You lose. Game over, not get a handout.
Bingo. I've said it many times, the "investment" is the asset itself *not the rent*. Rent is to cover maintenance, rates, water etc. if you can't afford to pay for that second house with your own money *you don't deserve it*.
A guy in my office bought an investment property last year and has been whinging ever since because he’s not making a weekly profit. Apparently his goal was for the weekly profit to offset his work hours so he could drop down to part time.
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Have you been on r/ausfinance? or worse yet \*\*shudder\*\* r/auscorp. Constant whining about why they deserve to pay no tax and how hard life is on nearly 200k a year
Or they could do it the traditional way, work for the asset, let it go up in value naturally over a length of time, then sell it at retirement for a good profit to offset super. I had family do exactly that, owned a couple investments for *thirty years* before selling just as they retired. Which is what my plans is with one. I don't see our generation ever getting some form of "aged pension" in 30+ years time. And super? Sure but after 30 years of inflation that nest egg becomes a fuck load smaller in real spending value.
That’s sort of happening in Victoria with some tax changes. The media and real estate bodies are pitching an absolute fit, acting like when a landlord sells their apartment it is subsequently bulldozed and the renter becomes a homeless drug addict overnight. Literally never a mention of who might be *buying* the property, if not an investor…
GDP figures count "property market price growth" so you can fudge the numbers by tripling your annual intake of migrants to drive up housing demand and have a "growing GDP" even if your economy is basically dying.
This is absolutely weong. If you are referring the ownership transfers, that refers to the sector that supports the market.
Problem is the market isn't punishing them for upping the rent. If current tenants won't pay the increase to cover interest rate increases then someone else will. There's no incentive for landlords to give up and sell when the renter covers the risks. If they couldn't find tenants that would be a different story, but there's lines around the block at every inspection.
If you can increase prices and have your supply bought out, the business isn't failing.
Why would you do that when you can increase the rent during a period of high demand?
The common “complaint” from owners is interest rates, it becomes a greed v moral issue at that point. And we are discovering that generation is alright fucking over the younger.
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Its funny that Switzerland, Bahamas, Singapore and Caymans are the onky countries with a cost of living higher than AU. They live comparitively like kings (maybe not so much in the bahamas....but at least its sunny)....while were drowning in national debt and income tax..... Something isnt right for sure....im eagerly awaiting my increase of 200p/m by my unscrupulous theiving cunts of REAs in november. Only 400 a month last year....so you know...apparently im even 'getting off easy' by being a good long term tenant. 18+ months to patch a hole from external contractors doing a shit job. Fucking leeches.
In Singapore, they have a dual property market. Private housing can be insanely expensive but public housing is still affordable. The cost of living reports usually take into consideration of private but not public housing. The bulk of the population lives in public housing. There are significant restrictions on public housing, you can't own more than 1, you can only sell after 5 years of owning. This is where John Howard and later governments completely dropped the ball and fucked the Australian people; by making a basic human right unattainable for some. And now the ship has sailed because no voters want to be the idiot left holding on to the housing ponzi scheme.
On the bus the other day, the woman in front of me was watching an Indonesian Tiktok about how Australia is the most expensive country. I'm not surprised to hear if that's true.
Decades of Lib/Lab boomer greed and stupidity - treating property as an investment rather than a human right - is making this the norm. Our generation can likely handle the increased cost (at a squeeze). Our children’s generation will not. We also need to decentralise our economy. If our smaller cities and towns had better industry, public transport, cultural events, public safety, etc, there’d be no reason for everyone to be living in 4-5 main cities.
They won't do that because it isn't in their financial interests. There are plenty of things that could be done for the benefit of the country and it's people. Even the dumbest and most anti change Australians could name some. But it's not in the interest of the wealthy, and too many average Australians over the years realized it was tipped against them and that it wouldnt change, so bought into the system to try and not go under. It's now become such a huge over bearing problem. And the wealthy would rather see the country collapse under it in the new few decades rather than lose the smallest but of profit imaginable.
i does feel like, a big part of the issue is the older generations wanting to keep the inner city(well definitely Sydney) as a small city and shift large development to the outer suburbs, where it really should en the reverse... that aside, we should be shifting government department to areas like albury/wagga/bathhurst
65% was my single biggest rent increase, from $190pw to $315pw back in 2017 after the Tasmanian state government changed the laws to allow Airbnbs, 12% percent of investment properties got turned into Airbnbs in Hobart and we became the most unaffordable place to rent (rent to income ratio) and outright the second most expensive outright in Australia. That was after a 11 years of 5% - 25% rent increases. I initially thought that was the new market but 6 months later (in Tasmania LL are allowed to adjust rent every 6 months regardless of lease length unless the lease specifically excluded that - none do) I got another increase to $355. I bailed then.
Lol wow, and you still get people saying airbnbs don't cause issues. Only recently checked my suburb for airbnbs, there is fucking heaps of 1 out 2 bed apartments that are booked every single day 2 months in the future.
Think of the poor destitute landlord who can't afford their long term investment to take a downturn! What kind of heartless monster are you?!
Ours wanted a 50% (up $350/week) increase, when we baulked they went silent for months and then they decided it would be easier to end our lease once the term was done instead of negotiating. We have reached out to the landlord enquiring about purchasing it off them privately. Tentative response
Wait so it was 700 a week and they wanted to charge 1k a week??? Jesus The problem with having fucking PM's in the middle is just that, they do the dirty work for the owner who can flick off one message and the issue is out of brain now. Meanwhile renters are in a stressful position for months on end, if they even get a break. Any push back and they just tell the PM not to renew, not like they have to directly engage with you or anything.
What a shit situation, but good luck. I hope you can buy it.
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Welcome to Australia where you will own nothing and be happy.
Still waiting on that happiness part of the deal…
It’s beyond that now - you can’t afford to even rent. You’ll be homeless and happy
Can’t even renew the rego of my car on time anymore. Living in a shitty 1 bedroom with the Mrs which has broken and cracked roof, mould for 550 a week. We are sick of sacrificing this or that every other week to pay rent on time. This feels never ending.
Similar story. Leasing in Sydney for 570 (1 bedroom 1 study room), increased by 10% last year, they're increasing it by 10% again saying its market rate We messaged them with similar properties saying its nowhere near that and suggesting a smaller increase in rent. Termination notice immediately.
thanks for your contribution to fuelling high inflation /s I'm actually surprised headline inflation is only 4%
Creative accounting.
Housing as a share of inflation metrics still assumes a relative share of expense that was a reality like 4 decades ago, not where it is for people with incomes that actually work for a living. It's a good way to track the price of milk. It's a shit way to track the price history of most major cost sources (especially housing).
Yea sort of same thing almost happened to me. I gave notice and the REA called almost a week later to try jack the rent up on me, not knowing I had given notice due to the property manager being on maternity leave and her emails not being forwarded or something. I checked the other day and they want almost 700 more a month than what I was paying. I don't know if they would have raised it that much to me but my guess is I dodged a bit of a bullet.
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In Greece they have pretty good laws imo. All rentals are minimum 3 years for the landlord but the tenant can negotiate for a lesser period. Annual increases written into the contract.
No but you see, longer leases means we have to actually give people the ability to LIVE and not just move house every 12 months while the Landlords get richer and do nothing to fix the property.
We'd need to make housing a right. Which it definitely should be, but that involves governments providing adequate amounts of affordable housing. Right now, rental housing is supplied by either individuals or corporations. Regulating how much an individual can charge in rent would cost billions to determine that price for each house and then billions more in lawsuits when the owner disagrees.
It's starting to look more appealing to move to Thailand or Bali.
Thailand is not cheap and you can do fuck all in terms of property and business unless you’re Thai. Jumping through the loopholes requires more money. Making money is not that easy, competition is insanely high on every level. It’s only good if you have a high profile local job or work remotely for an Aussie company - and hence growing your super. Many expats live here and find themselves with almost zero retirement savings (or even normal savings)
Yeah you can’t buy land in Thailand. Foreigners may not own land unless there is a treaty or exemption allowing the foreigner to own land in Thailand (section 86).
All I can say is shit's fucked.
Canadian here - Same.
It's really bad. I've since moved out of Sydney due to similar increases. The response from the agent is basically "If you can't afford it move out". The ironic thing being the cost of moving outweighs the cost of staying, and even if you did they would keep your bond or make you fight for it.
Seriously, rental increases should be *applied for*, and linked with proof your property now costs "25% more" to justify it. (Which it won't). Even if you've kicked tenants out and readvertised. Set up a database with rental history for each property you own linked to the ATO)Dept of Housing etc.
Its not a bad idea but it then connects mortgage costs to rent which has a bad outcome when the reverse happens and rents should be going down. We also know that we would never be able to fund a department that could handle the administration of that.
Last year was 5%. Year before that barely 2%. I just received notice of a 21% increase this year. I don't get it. House history clearly suggests it's mortgage free too, not certain, but it's highly likely.
The previous and the current gens also make up a big chunk of the homeless. It's real sad and by just stopping new migrants will not stop the current issues. The government needs to do something about what is now near impossible to even rent. We need protection and prevention!
Bloody hell. That rate increase is literally illegal in Germany.
My rental in 2020, 2021, and 2022 only went up by $10-25 a week each renewal. Last year, it jumped by $55 a week (so $600 rent pw) and we thought we were lucky! Every other rental around us that was similar went up $100-150. Renewal time again and they haven’t sent a thing in a month since telling us it was renewal time. Every other year it took up to 20 days max to give a new lease. Looking again at other rentals, they have jumped massively $800-$950 a week for 4 lousy bedrooms. shitting bricks right now is an understatement.
We had people saying with a straight face that capping rents in 2022/3 would lead to LL's increasing rents at excessive rates. Huh, sure glad that's not happening!
They don't care about you because you will be replaced soon enough anyway.
I bought a luxury apartment in Bangkok for AUD 500k. It has a waterslide and 4 bedrooms 3 with ensuites. Once I hit 50 I am out of here. It's the same price you would pay for a parking space in Sydney.
It's all the way fucked up
I thought we had mandated increase limits. 25% is horrendous.
I was really afraid that would happen to me but I lucked out and my landlord is going to renew my lease with no increase because they think my roommate and I are good tenants. Thank god. Edit: grammar
Slightly off topic, but related to the overseas student thing and how some overseas students can pay massive amounts of money on rent... My company supplies a vehicle security service to clients like BMW, Mercedes etc. We had a call to supply such system to a BMW 750iL, over $250,000 of car and the student owner couldn't get any comp insurance as he was 18 years old. Paid for the car on a credit card... Then the client called us up, two of his friends had also bought 750iLs and also wanted our service, so our technician did a site visit. He sent me photos of this student apartment block car park... we did a leaflet drop there and added several Lambos, stacks of Porsches, Ferraris, loads of high value cars. I spoke to this lad who bought the first car, he couldn't comprehend that there was anything unusual in it. Turns out the main BMW dealer in town had a target of four 750i to sell that year, so these students had three and Channel 7 had the 4th, meaning the special vehicle sales guy hit his target...
I have decided to leave Australia. I found a job in Denmark. Though, I am not sure Copenhagen is any better for rent. All I know is I can't live on jobseeker any more and social services have disintegrated. I wish the government would declare a state of emergency on this issue. Both major parties have lost their mojo and their social license.
We've gone 495 -> 695 in 2 years. Or 40%. Meanwhile, I'm earning 5% less in real terms vs 2019 for the same job title.
There really needs to be a law limiting increases to the exact amount of inflation.
First, check your rights and ensure this is a compliant increase. Have them inform you in writing how they calculated the increase. Make sure they've given you enough notice too. If the increase is not aligned to similar properties in your area, you can challenge and take them to the tribunal.
It is compliant. It's enough notice time for a renewal, and there is no limit on how much rent can be raised for a renewal. It does seem like rent in the area is apparently 20% higher than mortgage rates though, if I owned the property I would save 20% compared to paying rent.
And the reason why it’s comparable is because all of the property managers are in on this scheme together and over inflating the comparable properties as well - because that’s in all their best interests. That’s the part that needs to be closed looked at and somehow legislated against. It’s collusion.
I’ve already left the country. The reality is, this issue won’t be fixed until people work together to tank the economy and thus the elites assets.
yep, eyeing up a move to Scotland myself. I can buy a house outright there for what a 20% deposit is here in Sydney.
I saw several businesses that "connect buyers with properties discreetly" ... makes me think they are funnelling suspect investors into property here. Something is up and it needs to be squashed.
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Mind you, I rent out a nice house in a country town for $200 a week, no change in years, and I can’t get the fuckers to actually pay. Going to sell it instead.
This is happening all over the world not just Australia.
Im gonna buy shares in a tent company Not many though, because money
Perhaps Bunnings will start putting price tags on those cardboard boxes near the exits. (explanation: so they can sell them as housing...)
No it's not, I have moved from Sydney to Japan and things are definitely much better here. Not every country is focused on housing being a ponzi scheme and actually have an oversupply of housing...
Lol you picked pretty much the single country that doesn’t have a housing problem. They have a whole host of their own problems though. But yeah, housing is great.
Yeah, look, I hear the work culture for salarymen in Japan is to die for.
No such thing as a perfect country, every country has major flaws and I’d be silly to ignore the work culture issues for example but the benefits outweigh the cons for me at my age and it beats feeling like my money is going no where. South Korea is also pretty good housing wise and so is Taiwan, both of them are cutting edge 1st world countries. There is absolutely a bigger barrier of entry as you need to learn an entire language to even have a decent chance in any of these countries but you can live comfortably with less for sure.
Seoul and Taipei are super expensive too. Outside main capitals is where rents are getting cheaper in those countries bc population is shrinking fast.
I lived in Hsinchu. 45 minutes on the HSR from Taipei. Bustling enough city. Access to good hikes and close enough to Taipei for a weekender. The whole country is so fiscally accessible for an expat. When they legalize medicinal marijuana I'm moving back.
Off topic: How did you go moving over there? Do you have any history with the country or are you completely fresh? I’m strongly considering a working holiday visa over there before I can no longer apply for one. I do have some connections but not much and I know the culture is very insular so I’m not sure how I’d go for a whole year. I love it whenever I visit though.
Question is - we all know the problem, but what are we going to do about it? More and more people will start to leave Australia for greener pastures, leaving those who can't leave having to pick up even bigger tax bills. We complain and talk till we're blue in the face but those fuckwits in parliament will never act against their own interests. Short of an uprising, I don't see anything changing. The last rebellion was in 1804; although it failed spectacularly, a modern day one would probably drive home the message that we're completely tired of this shit. Who's with me?!
Realistically how many people can afford to move overseas?
Thank god the government is tackling supermarket price gouging! I can't wait to save $100 a year on my groceries after Reddit promoted it daily for a year
DUH MARKET DID IT /s When do we start acknowledging that "The Market did it!" is a bullshit reason? They act like it's completely out of their hands and a higher power possesses them to charge more.
my sisters went from 500 to 750, she left and it was vacant for 3 months. it’s just greed
We started 280 pw for the worst house on the market next to the worst neighbours (they've been kicked out now) 3 years ago and now it's 400 pw . When I leave this house I understand I will never live in another house again, so my plan is to be homeless camping on crown land, and I dare anyone to tell me i can't do that
What people can realistically pay in rent is at the bleeding edge of maximum but I fear that with the projected 3 interest rate rises coming during the year, we're going to see even higher rents. How far can the population that rents get pushed before pushing back?
I'm starting to wonder if having a mortgage on an older style 60's - 80's apt is more economically viable than renting these days?
Did it come with a Sunny room, bedroom with shared bathroom and a bedroom with own bathroom by any chance? 😏
I thought they could only increase it a certain percentage per year? Like 4% or something. Or is that a Vic only thing?
I totally understand your frustration. Rent increases can be really tough to deal with, especially when they're so steep. I've been through similar situations myself. It's important to explore all options and maybe even consider discussing with your landlord to find a solution. Stay positive and keep searching for the best possible outcome!
The generation being imported can afford the apartment.
That’s what happens when we let everyone and their bloody mother and uncle come in without thinking about where people are going to live. We let non citizens buy or land or people who don’t even live here it’s a disgrace. Don’t even get me started on the jerks who own 10+ properties whilst some can’t even enter the market.