Sydney’s rental market has been described as a “chronic failure”, with the city’s vacancy rate dropping to its lowest level since November 2017.
“There are some cities already in a rental crisis, when you look at Hobart and Adelaide, where it is so tight and has been tight for some time,” Dr Powell said. “We’re at the point where we no longer need to advertise rental properties,” Mr Philp said. “I’d say about 70 per cent of our properties in the last three months are being leased off market.”
Renters were also routinely offering above market rents and up to 12 months worth of rent in advance to secure a property, he said. “We’ve been in this market long enough, [renters] know what to do to get the applications at the top of the pile,” she said. He suggested caps on rent increases in tight rental markets to protect renters from being priced out, rather than waiting for rental properties to be added to the market.
TawarRazaghi Limit the number of investment house ownership per family household.
TawarRazaghi The article states “Sydney”, but then speaks of areas on the regional fringes. Look at Sydney proper and rents are still low due to much less international students than there were, all these people moving to those outer regions, and a whole bunch of new apartment developments.
TawarRazaghi Our infrastructure breaking and we keep importing people. Why?
TawarRazaghi Maybe time to stop importing people?
TawarRazaghi Solution: remove the red tape It now takes over 6 months to attain an occupation certificate after a new building is completed. This process needs to be streamlined because it’s dissuading developers from starting new projects and providing the much needed housing stock.
TawarRazaghi And anyone that can do anything about it behaves like a powerless spectator. Including the media that has beaten the property price drum for decades.
TawarRazaghi It was chronic back in 2015 when I left.