Hopeful renters can be seen cramming into elevators and queuing in long lines to inspect unremarkable properties, as rents rise at the fastest annual pace ever, according to Domain’s latest property report.
There appears to be no end in sight for the rental crisis plaguing the country’s major cities, as demand far outstrips supply in a post-pandemic housing frenzy. But Sydney is by far the worst hit – as videos on social media reveal.
Videos posted to TikTok show young couples and families frustrated and waiting in stand-still lines that snake out of apartment buildings, across garden paths and around street corners, as housing hopefuls attend Saturday inspections in an increasingly ruthless competition for a place in Sydney’s housing market.
The other painful part of the equation? Rather punchy asking rents for often sub-standard accommodation. But with competition as fierce as it is, compromises have to be made for those wanting to survive in The Harbour City…
WATCH some video evidence of how crazy rental inspections have become in Sydney below.
Sydney has been particularly badly hit but Sydneysiders are not alone when it comes to their rental property woes, as vacancies have hit a new record low across the board, with only 50,000 listings nationally.
Rental listings have gone down 38% in the past 12 months, pushing national rental vacancies to a fresh low of 0.8%. According to Ray White, advertised rents have now seen a 22% annual increase.
Things are likely to get worse before they get better. As iniversities begin teaching for the year, international students are rushing back to Australia, especially from mainland China – which has effectively banned online learning, deciding to only recognise degrees where study was done in-person.
Concerningly, investment into new housing stock is slowing, well beneath what is needed, due to rising interest rates and high construction costs, prompting fears that the rental crisis, somehow, hasn’t hit its peak… Better start finding some nice cardboard boxes.