Sydney is now Australia's most expensive rental city. How are tenants and landlords coping? | 7.30

Sydney just overtook Canberra as the most expensive capital city in Australia for renters. As politicians argue over solutions to the nation's housing crisis, renters are continuing to face large price hikes. Patrick Begley and Emily-Jane Smith went to hear from both sides: the tenants and the landlords. Subscribe: ab.co/3yqPOZ5
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[@Greggsberdard]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[@VictorBiggerstaff]

No financial institution should be allowed to own 40% or more of the single family homes. This recession is paving a way for a monopoly on homes to further rid of the middle class. It would be wise for most people to not sell their homes if they're able to.I want to buy houses cheap in 2024 and maybe invest in stocks. When's the best time to buy stocks? Some say they make a lot, others warn the market is risky. Advice?

[@crystalcassandra5597]

Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.

[@HectorSnipes]

Mind if I ask you to recommend this particular coach you using their service?

[@crystalcassandra5597]

Sharon Lee Peoples is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@HectorSnipes]

I searched for her name on the internet, found her page, and reached out via email to schedule a conversation. Thank you.

[@johnny-yi2oi]

I’m shocked to see the ABC left the comments section open…

[@sharongoodsell9341]

Why ! It's about time

[@davidlewis2464]

Yeah having a story with a bloke with dozens of properties making millions because of stupid negative gearing rules destroying the lives of young Australians AND leaving the comments on is a bold move!

[@chuckmaddison2924]

It's an easy way to do a public survey.

[@johnny-yi2oi]

@@chuckmaddison2924 so why do they block every other comments section i wonder?

[@chuckmaddison2924]

@@johnny-yi2oi I do know the company I left a few months ago have comments blocked.. They don't want negative feedback influencing customers.

[@lozadorni9195]

Professional landlord with 78 properties makes me sick. And he has the gall to play nice guy with how much 'less' he's charging.

[@Ausf]

He's not being nice. He says he is doing it to avoid vacancies. In one case he is happy with the long term tenant. He is being risk averse.

[@sonofagreatsouthernland]

No regulation on ownership just one of many things at the foot of the problem.

[@DC-lw7dj]

Can't blame investors when the government is causing the issue and giving more incentives to investors. The government is causing all this by high immigration intake, negative gearing/CGT incentives

[@sonofagreatsouthernland]

@@DC-lw7dj Agreed but a bit of decency and ethics would lead some to reconsider before buying 78 properties...

[@hannesRSA]

What should he do? Seems like you're sick of jealousy.

[@MrRez808]

Simple. Stop investors from been able to buy family homes 3 bedrooms and above. And to the investors that do already own portfolios of family homes, tax them into the ground from everything after the 3rd house.

[@lawrencekling8598]

You can't stop investors to buy houses but can restrict the negative gearing to one or two properties and increase the capital gains tax.

[@DC-lw7dj]

Should stop negative gearing and CGT incentives also

[@freeman10000]

Paradise Sydney. Expensive real estate, expensive rent, traffic, toll roads, pokies, expensive electricity, expensive gas. Happy to be living in Perth 🎉

[@johnny-yi2oi]

Perth is going to soon become the most desirable place in the country.

[@Mike-ry4ti]

With all the crackheads. WA is the second wokest state of them all.

[@tranquang2330]

I'm living in Perth now, and there are definitely rising rent prices as well, but I'm still happy because it's not like in Sydney, where you put 4/5 of your income into rent.

[@sandponics]

Yes mate, I agree, all of the idiots stayed behind in Sydney or in the UK. I reckon that the UK fell over after all of the smart Poms came out to Australia.

[@ellenkelly953]

"i got very passionate about property investing from a very young age" makes me want to scratch my eyeballs out thanks

[@matthewpayne8871]

And he mentions the fact that he owns 78 properties. No one should be able to own 78 properties.

[@Ausf]

@@matthewpayne8871 He also mentioned he started with nothing, from a single mother on welfare. If he was still on welfare, would you like him more?

[@matthewpayne8871]

@@Ausf That has nothing to do with it. I was merely commenting on the fact that there should be a cap on the number of properties someone can own.

[@Ausf]

@@matthewpayne8871 I doubt that would make the rent cheaper, if that was the reason.

[@matthewpayne8871]

@@Ausf Nope. If the issue is the supply side, then why should people be able to buy up such amounts of housing? Heck, limits were placed on the amount of toilet paper people could buy during a pandemic.

[@ADHD55]

Seeing more and more tent cities , soon australia will have some sort of shanty towns for low wage workers priced out of the cities but still need to work to survive, the housing issue will never ever be solved it will only get worse from here, greed has killed this country

[@lawrencekling8598]

That's scary scenario...

[@Eric-kn4yn]

​@@lawrencekling8598 India here we come they thrive in that environment

[@Zei33]

Why is it that you NEED to live in the city? You know there is a lot of places outside the city that aren’t rural right? It’s not a choice between ‘city’ and ‘rural’. There are places in-between.

[@shauncameron8390]

Including the greed of ordinary people. Household and consumer debt are things for a reason.

[@anonmouse15]

The good old days of the Hooverville are coming back.

[@Paul_Rohde]

It shouldn't be viewed as a rental crisis, but another symptom of the core underlying housing crisis of real-estate being pumped up like a stock market commodity. Most renters don't want to be renters, they want to be home owners. The reasons they aren't are also the same reasons relating the the rental crisis (and well, for starters, there would have been less renters). All are related to policies being kept by the major political parties. If you're a renter, just don't vote for them. Simple. Don't do it. They are decimating your home ownership dreams and rights. Decimate them. Pass on the message and remember it yourself when it's voting time. It's time for a movement to stop this disgraceful madness.

[@lawrencekling8598]

Which party should one vote for? There is only two horse races which is two major parties. Green, ind and others won't win the election. Your advice is worthless then. Btw rent crisis and the rising cost of houses are seperate issue.

[@zen1647]

@@lawrencekling8598 even if they don't win, by voting 1 for greens or independents sends a strong message. The major parties pay close attention to how many people vote for greens and independents. This is one of the great things about our ranked choice voting system.

[@Zei33]

@@zen1647 you should be glad the greens don’t get in. Their policies on geopolitics and military are completely brainless. These aspects are more important for our overall wellbeing than domestic squabbles.

[@zen1647]

@@Zei33 The Greens policies are the biggest change from the status quo for sure. Many people (including myself) broadly support them for that reason.

[@thesniffysniffy]

​@@zen1647 the greens are hypocrites who support high immigration and oppose development, especially in rich areas like Edgecliff. They are far from the solution.

[@stevey7059]

$900 a week for a crumbling and mouldy house is awful. An ordinary worker only makes $1000 after tax, you got $100 left for bills, food, transport.......? What if your car breaks down, have a tooth pulled out, being sick needs seeing specialist? When did Australia turn into like a 3rd world country, who created this chaos? someone got to be held accountable.

[@Ausf]

It's almost as if people have a choice where to live. Sydney, or not Sydney. Not Sydney is a big place. Plenty of nicer and cheaper places there.

[@lawrencekling8598]

​@@Ausf Like where? Housing in rural are also expensive enough.

[@Eric-kn4yn]

India here we come

[@Zei33]

@@lawrencekling8598you could live on the Sunshine Coast for half the price. It’s a really nice place, great areas and plenty of jobs.

[@shiraz1736]

Why were only have our own greed to blame.

[@Gzeebo]

I think it's awesome that kids today can aspire to be feudal barons, living off the backs of peasants.

[@Gumardee_coins_and_banknotes]

Ah yer, like the 1700-1800, then sell and force them to migrate.

[@gorancyvr]

Work harder and you could too.

[@pm2886]

You mean like Bill Gates and other Western Progressives, whose corporate overlords are buying up all the residential housing so we can all become life-renters? Owning nothing?

[@OilBaron100]

I wholeheartedly agree with you.

[@Gumardee_coins_and_banknotes]

@@gorancyvr lots of people work hard, but getting wealthy does not work like that.

[@serena-yu]

Once I was looking for a rental, and the landlord led me into his garage -- Precisely, ONE FOURTH of his garage. He split his garage into 4 using naked brick walls, and each renting out as a "room".

[@noseboop4354]

That's what the living situation is like for millions of poor people in Brazil and India. Australia and Canada are quickly catching up to being just as poor.

[@jersey6809]

Jesus Christ 🤦‍♀🤦‍♀

[@Byefriendo]

"he could charge more, but doesnt want to risk vacancies" So he is charging the amount that makes him the most amount of money total, dont frame it like he's being generous by "only" raising rent by 15%, he's doing whatever is most profitible. If doubling rent would not lead to any more vacancies he would do that in a heartbeat, nobody gets to renting 77 homes by being generous. People like him are the reason my friends have to chose between fueling their cars and having a meal to eat.

[@johnoneill1011]

" People like him" provide somewhere for your friends to live. They should be grateful for that. Tell them to sell the car, take public transport and get a 2nd job or one job where travel is less necessary. e.g. WFH.

[@Byefriendo]

@@johnoneill1011 people like him don't build properties, they hold them to ranson. I'm not gonna bother arguing this point but if you think it's as easy as "just do (x)" you've clearly never been in their situation

[@potapotapotapotapotapota]

@@johnoneill1011 No they don't, they are a scourge on society, they provide absolutely no value they are useless leeches. If he didn't own these houses then someone else would. There is no reason to be an independent landlord except to make lots of money doing it.

[@pancakes4140]

He's not public housing, these are investments to him. People invest to make money. If you want to help people, go volunteer. Don't expect free things from people, it's the height of entitlement.

[@Byefriendo]

@@pancakes4140 show me where I said I wanted free housing, all I said was, as you will agree, it is an investment for him and framing his "low" rent increases as generosity is disingenuous. The fact that we as a society put the income of a small group of """investors""" over the well being of millions is unexcusable, if you disagree with that so be it

[@Roscoe.P.Coldchain]

I lived in Sydney in 95 and I was paying between 40-70 dollars a week it was so cheap

[@Roscoe.P.Coldchain]

@@pjk814 😂😂

[@richyearle007]

In 1990 A two bed flat in Liverpool was $200 a week so i am not sure what you were renting..At $70 you may have rented a room with shared accommodation and bills were extra.If you paid $40 a week you would have been living in someone's garden shed.

[@sharongoodsell9341]

Was the time ! Not cheap , imagration has stolen how life ,over crowded yuck

[@sonofagreatsouthernland]

From your suffering parents more like it.

[@Roscoe.P.Coldchain]

@@richyearle007 in Liverpool you could buy a house for a £1 in the 90s 🤣🤣🤣

[@mikeklement7223]

I live in Canada and it's the same situation here. Across the country, even in undesirable areas, rents and home prices have gotten insane.

[@eckankar7756]

I'm in the USA and it's bad here, too. Rent control is causing investors to not want to build new properties so it's actually causing more shortages in available housing.

[@crand20033]

I live in North Carolina USA and it's the same situation here. The are building new apartments and houses like crazy here now though. But they are still expensive to rent.

[@eckankar7756]

@@crand20033 it costs about $500K for each apartment to be built, with the infrastructure placed, insurance, labor, supplies, taxes...no way that can be rented cheap and get a return on the investment. Tough times.

[@MyFriendlyPup]

All by design.

[@MyFriendlyPup]

​@@eckankar7756red tape makes costs high. Mass immigration makes the Apts rare.

[@aphaseelec]

Singapore just introduced a 60% tax on foreign investment and people are still investing there. I dont know why Australia hasnt done the same.

[@JoeCool90]

Because of the amount of money (mostly new money) investing in Australian (and actually Singaporean) real estate is not going to be put off by that, and the Australian government want this particular demographic to invest in their education and property sectors.

[@zoekenny3619]

Saw a story today about two pensioners who when faced with a $140 a week rental increase went to the Department of Housing (I didn't even realise that still exists) and were basically told to buy a tent and set up shop in the homeless encampment in the local park. I mean what else do we need to see and hear to realise our country is one giant parody of a functioning democracy. They should rename it the Department of Go-F**k-Yourself cos We Don't Care.

[@eurekaelephant2714]

Exactly. Re democracy, Ive been screaming this for over 10 years. People have realised far too late! So frustrating!

[@chuckmaddison2924]

I did see that and thought absolutely disgusting.. Before I quit work in January, I went to a job a couple of streets from me. The lady at the house said she would get the person. She had put a tent in the back garden and let it out.

[@eckankar7756]

Seems to be the same situation in the USA, UK and Canada

[@pm2886]

What did you expect? The Welfare State has always promulgated the lie that Govt would rescue us all, and would always feed and house us. That's why we became apathetic and entitled, and didn't bother striving to secure our own housing and means of feeding ourselves. If you fell for the lie, it's because you wanted to believe it was true. That's on you. Many of us never fell for it - recognising it as a weaponised method of reducing our motivation and independence.

[@k-c]

Everyone can give a fiery speech when in opposition but when in power nobody really fulfills their promises.

[@miam1074]

The reason I had to leave Australia, because as a single person on a part disability I was unable to pay the rent anywhere in Sydney. First I moved out from Sydney, then the rents started increasing around the Central Coast to a degree that I was unable to find or afford accommodation. The waiting time for social housing is around 15-20 years, I was on the list for 10 years when I left. I will not be able to return to live in Australia because of this, and it breaks my heart!

[@stevey7059]

In this country, criminals get looked after better than anyone. My next door social housing is packed with released prisioners, they got a place to live for free straight after being released. The good citizen like you have to be on a 20 years waitlist. Is this Australia?

[@quintonc12]

It's a country built by convicts after all

[@lawrencekling8598]

Which country did you go to?

[@miam1074]

@@lawrencekling8598 I would like to keep a level of privacy, so I will keep it broad. It is in Europe. Not the rich part...

[@zanzah_]

You shouldn't get social housing you're not Australian

[@MigrationMadeEasy]

With all these increases in rent, it's sad that for many the dream of owning a home will be just that, a dream which is absolutely heartbreaking.

[@trudi1962]

'There seems to be no way out'... How about abolishing negative gearing?

[@lawrencekling8598]

Nope, government and opposition won't agree to do it

[@grimrepper666]

The government went to election twice with the plan to do just that and both times the public said no, there is no way they are touching it.

[@Zei33]

Country is a democracy, and the majority want the policy or don’t care either way. You’re in the minority. Everyone’s number one priority is to themselves and their family.

[@VenturiLife]

While lucrative, negative gearing is not the major cause of this situation. More like a lack of properties that won't be coming on stream for decades. Government has it's head in the sand and is just doing industry's bidding without any thought to practicalities. Install bunk-beds.

[@thesniffysniffy]

Disincentivizing people from property investing will make things worse

[@sl2462]

The guy with 78 properties is the same guy who shows up to the buffet line and takes all the food for themselves and leaves nothing for anyone else in the line. Is it illegal no....but the greed is disgraceful. Own a few properties to enhance your pay and contribute to society in another way. I know plenty of people who would love to get out of the rental market and own a property. Unfortunately can't blame him it's human nature to put yourself before others and the system is definitely in his favour.

[@zen1647]

I don't think it's the fault of property owners. It's much more to do with supply. State and federal governments should directly invest in public housing, and local governments should approve more compact efficient housing with affordable housing components.

[@michelledavies2197]

There should be restrictions on how many properties one person can own, it creates greed. Housing is a need not a want.

[@Michelle_Emm]

Yes he's hoarding entry level properties and making it harder for people to get a foot on the ladder. Nobody needs 78 properties, that's pure greed. Negative gearing should only apply to one investment property.

[@Zei33]

@@michelledavies2197welcome to China then. Is that the kind of freedom you want?

[@Condor164]

@@Zei33 China has a property speculation problem too mate. Negative gearing is not a free market... Capitalise profits and socialise losses... There is no other investment in Australia where if you make money all good but if you lose money you can just use it for negative gearing. A house is for people to live in not invest in.

[@heathergrahame9647]

Rather than interview renters, can you interview the landlords who are raising prices, and ask them why they are raising the price? Can we expose the greed of landlords, please?

[@Ausf]

They're not running a charity. If the market rate is higher than what they're currently renting for, and there is no contract in place, then they're throwing away money.

[@danidejaneiro8378]

They did. Didn't you watch to the end before commenting ?

[@johnoneill1011]

Suggest you rephrase that to "some landlords" or even better "a minority of landlords". The ABC won't do what you suggest because the landlords would calmly explain reality. They need to make a profit, while banks, governments, insurers, councils, tradies etc keep ratcheting up all manner of imposts on them. The ABC is trying to compete with commercial media, which drives the ABC to look for simplistic, sensational stories, not complex, logical ones. Emotional stories attract eyeballs, logic doesn't.

[@lawrencekling8598]

Restrict the negative gearing to one or two property and higher capital gains tax would be answer.

[@charlie-ot5ug]

Probably because mortgage repayments have doubled for investors.

[@shiraz1736]

If you’ve ever been to America, this is where we’re heading. Land of the homeless. I’d write more but I’m about to watch a re-run of The Block, can’t get enough.

[@uksquall]

Its just greed, the society we live in is the more you have the better you are, we need to change our relationship with over-consumption.

[@crand20033]

But landlords are in the middle. Not at the top of the greed chain.

[@uksquall]

@@crand20033 it’s not a matter of who’s at the top or the bottom. People at the top were not always there they ascended the ranks via the application of their disregard of the needs of others, their overreach, avarice and greed.

[@georgewright9223]

Very well said!!

[@anonmouse15]

​@@crand20033It's always someone else's responbility.

[@patrickdoyle9304]

Of houses. Nobody should own more than two

[@juanvasquez521]

The issue is actually a lot worse than it may seem, so many places are inhabited by far more than what is Safe and legally allowed. in my street which is not even a trendy suburb there are multiple houses being rented to dozens of people when it's only legally allowed to house 5-6, I don't care but this is a huge failure of city planning, these are all high earning young professionals sharing a room illegally because they're forced to. What in the hell is that.

[@bradley7454]

A sardine tin

[@mjb6446]

And landlords don't give a shit as long as the rent keeps on rolling in.

[@bradley7454]

@@mjb6446 yeah. Exactly. I still don't got fly screens in my place yet they still want to take rent. Landlord's don't even maintain their property. I think they only give a shit when you squat in their vacant property

[@Battleneter]

Blame local mum and dad investors buying their 2nd and 10th investment property pushing up house prices and drive down home ownership numbers. Now interest rates are heading back towards their long term average, there is no choice but to pass along the cost of these highly leveraged properties. Oh no wait according to the media it's a "house shortage" lol

[@kimbo-kyoungclairehana599]

dozens of people, overcrowding flat sharing is just like such refugees' lives. If residents are students, but not able to study in the packed place, if residents are workers, but not able to relax in the packed place. Sometimes, the overcrowding flatmates bring their boyfriend or girlfriend or several friends, so the number of overcrowding flats in total can be more than dozens of people (dozens of people X 2). Moreover, it causes flatmates' arguments and fighting because they have different lifestyles and preferences, there is no security who can make them stop after 10pm because the flat is domestic. In a university dormitory, a student can call the security help to make party animals stop and leave, or students also have similar time schedules such as mid terms, final exams, so unless they pay for their tuition fees a lot, they also try to control their lives to pass exams anyway. BUT privately flatsharing, mixed flat mates of both students and workers residents, no way. In addition, there are high probabilities who can steal your digital assets such as group assignment essays, or certification test study materials,, or downloaded data file from your client company,, Can you believe your employee who lives in overcrowding flatsharing, where there is a probability that one of the employee's flatmates can be a hacker? or a spy? If is a bank, or a public sector organization? You'd better to get their signature not to leak any critical information, or not to live in a overcrowding flat. Also all flatmates identity information based on their passports, should be submitted to the building management or real estate agency. No hidden flatmates in a flat. I think that's why sometimes, a company helps their employees' property loans, not to cause any suspicious problems. Keep distance from strangers, suspicious, immature people or free riders. 2ppl in a room in an apartment is still too many; Overcrowding flatsharing is a systematical error and that's just big shit which was planned and architected by dummy shameless business people. Overcrowding flatsharing is for just short term staying or temporary residents, just like travellers or working holiday visa holders who do not work their dream jobs, just part time or labor jobs, and do not have any valuable belongings. Property markets and rental businesses look,, if they rely on overcrowding rental payments, rather than caring legally affordable rental profits by good residents, no way out in deed. Overcrowding flatsharing damages a property a lot, none takes the responsibility. The landlord needs to fix the damaged property after all overcrowding flatmates leave Sydney. While fixing and renovating the damaged property or there would be no rental fees from your leaser tenant during that time. That situation is just shit after shit after shit never-ending shit is following. + Miss Claire is 김보경 +

[@thebeerhunter817]

This country is being ruined

[@lawrencekling8598]

​@Thomas Santa Agreed 💯

[@AnotherPointOfView944]

Careful what you wish for.

[@sandponics]

You have the vote, use it wisely and get them all out. Vote NO!

[@joshismyhandle]

I don’t see commercial news outlets talking about this stuff, pretty much ever. Thanks for your service, ABC.

[@peterblair6489]

The landlords are doing great. Fast cars, yaghts, mansions. The renters are taking on an extra job.

[@TheStevo2156]

No, no we're not. I'm now working 70 hours a week just to cover the government's ridiculous land taxes and to keep up with interest rates. If government cut land taxes , we can pass those savings on

[@peterblair6489]

@@TheStevo2156 You re kidding me, right? If you're working 70 hrs a week, to keep a house you're renting out, you're doing something VERY wrong. Sell the house and put the equity into shares. And do tell me, who would you like to pay taxes? Every rich person I've ever met complains about too much tax. Could be you're just greedy people.

[@phillippereira6468]

Life must be pretty straight forward in that mind of yours

[@TheStevo2156]

@@peterblair6489 someone's got to pay taxes that's right. When a business needs to pay taxes they raise their prices and pass those taxes onto the customer. Business exists to make profits. If they can't break even at costs, the business has no reason to exist. Starting to connect the dots yet? The renters are paying the taxes, the point here is the prices could be lower for renters if government didn't charge this particular tax. If they need more money why not increase GST to 12 or 15%..(as one option)

[@anonmouse15]

​@@TheStevo2156Any excuse will suit the tyrant.

[@isaacary]

We need a rent and mortgage strike

[@andrewduan5123]

how does one strike in the rental market? Do i just go sleep in the park? my rent is going up 20% but i just have to suck it up and pray the government actually trys something.

[@isaacary]

@@andrewduan5123 haha good joke they wont do anything the strike would need to be a coordinated effort where a good percentage of the pop stops paying

[@potapotapotapotapotapota]

What we need are more house builders and incentives for building them

[@isaacary]

@@potapotapotapotapotapota your kidding if you thinkthat will fix the situation. Tell me if there was 1 million new homes to hit the market overnight how many owners would drop there rent or sell there current houses for cheaper none would. its the biggest lie we are currently being feed. no banks would de value there valuations and no agents would recommend sellinghouses for cheaper. it just wouldnt work.

[@johnsamson9680]

And way less immigration. I know the government is addicted to their cheap labour but it does nothing for the rest of us.

[@marktiltins8845]

It's greedy landlords, if they can't maintain their investment they should sell ,rent goes up quality goes down

[@Zei33]

As if? Why would you sell? That makes zero sense. If people are willing to pay the rent, then why wouldn’t you keep the asset? Furthermore, if you don’t like it, time to move to somewhere cheaper.

[@marktiltins8845]

@@Zei33 I have Cairns

[@marktiltins8845]

Shiver 🥶 peasant

[@INTELLIGENCE_Revolution]

Happening in regional towns too

[@pm2886]

@@These-times-are-awesome Nice. Well done to you and your family, and for making those sacrifices so that you would not become burdens on the State.

[@danidejaneiro8378]

How os someone even allowed to own 75 homes? People who own more than a few homes should taxed so outrageously as to discourage the practice

[@Ausf]

1. Buy property. 2. Goto 1.

[@danidejaneiro8378]

@@Ausf - ok derp

[@hectorlamar806]

To think that I was paying $140 per week for a 2 bedroom house in inner city Brisbane back in the early 90s. Today that house would be fetching around 7-8 hundred per week. Possibly more. Glad I don't rent or pay a mortgage any longer.

[@sandponics]

Here in Perth, I have an old motor home that is currently off the road, and I often wonder how much rent I could get for it?

[@webleeoz]

wasn't it 1 in 10 properties in Sydney empty as a tax write off? That stat might be 2 years old now

[@webleeoz]

"The City of Sydney had 18,733 unoccupied homes on census night, which was in August last year at the height of the hard Delta lockdown. This meant 15.2 per cent of the housing stock was vacant, a 4.7 percentage point rise since 2016."

[@Eric-kn4yn]

Not good but can govt force owners to rent out empty properties private property is sacroscent in capitalism ???

[@Eric-kn4yn]

Bad ? Really tell that to record big unwanted migration they wont stop coming wether they are wanted or not

[@Zei33]

@@Eric-kn4ynif you knew anything about economics, you’d know that immigration is absolutely key to continued future growth. Otherwise you’ll end up like China and Japan, unable to integrate immigrants and with declining population, comes stagnation and irreversible decline.

[@webleeoz]

@Eric-kn4yn Housing crisis with media/politicians touting "lack of supply" being the issue, while more then 10% are empty 🤔🤨

[@davieb8216]

Which editor chose Bunnings colours for the thumb nail?

[@phantomstrider]

How can a 31-year-old owns 78 (40 million dollars worth) of properties😭 My heart hurts just hearing that when many of my 30-something friends are unable just to get the deposit together for 1 property.

[@beesa888]

Kudos to him, working hard and saving up to get him and his mum out of the single parent/single income cycle. Eddie Dilleen's story is actually quite incredible. He had the vision and determination to forgo what many 18 year old Aussies would do, to get onto the property ladder. Also, given he started over 12 years ago, he also got to ride the biggest wave of property price increases in history to build up a level of equity to expand his portfolio. He's truly earned everything he has achieved, with a little bit of luck thrown in.

[@phantomstrider]

@@beesa888 Good for him working so hard. I just see my friends work very hard too though and I just wish they could have even 1 78th of his success. Even if they didn't make the same investment decisions I think they deserve at least a single property as well. I realise that's not how the world works I guess it just makes me sad at the sheer inequality of it 😞

[@beesa888]

@@phantomstrider I think this is where the younger generation need to become a little bit creative as to, how they get on the property ladder. I've been reading the gov is looking at relaxing rules to allow friends & family to team us together to buy property together. Of course there are additional costs and risks with this method, but it could allow a small group of friends to pool your resources together to achieve your goals. A small bit of something, is better than a lot of nothing.

[@phantomstrider]

@@beesa888 Very true. Going halves or quarters on ownership of a property could be a good way to at least give stable non-rental housing for Millenials and Gen Z at least to get a foot in the door. It lets them start building an equity too without too big a deposit.

[@andyhall6185]

Real talk

[@pronumeral1446]

1. Temporary rent freeze. 2. Increase land tax (which just FYI for anyone reading: land tax only applies to investment properties not the home you live in). 3. Increase capital gains tax. 4. Get rid of negative gearing on residential properties. 5. Create a new tax on empty houses/units (not being used for long term rental) which increases the longer the dwelling is empty. 6. Put massive limits on AirBnBs and other "short term rental" services, force them back onto the long term rental market to be homes.

[@DB-cv9yb]

Oh my there will be even less rentals available then

[@lawrencekling8598]

Some are good ideas but rid of negative gearing won't be accept by politicians. Restrict it to one to two properties would be better compromise. Foreign investment in properties should be ban.

[@nnkk7742]

Is building more and smaller not an option?

[@DC-lw7dj]

I will vote for you to implement all this😊

[@davidhunter1538]

No one should be allowed to own more than one house per adult in a family. No one can own all the goats in the village. No more housing barons.

[@JoeCool90]

Why don’t you go to live in your fairytale Marxist wonderland that can never exist you child?

[@sandponics]

I agree, the renters should have bought the houses when they were cheap.

[@davidhunter1538]

@@sandponics Nobody knew the barons were going to buy up all the houses for themselves leaving nothing for others, then hold everyone hostage over impossible rents. How can families save a deposit while Ned Kelly is taking so much of their weekly income?. In Japan home loans are now being passed down to the next generations. We here in Australia have so much land this situation is being artificially constructed. It needs to stop.

[@kiettuan21]

Well it prove they r smarter then you

[@_zenprogrammer]

since when properties are priced at per week? not per month? that's just another marketing to make the rent sound cheap.

[@Zei33]

Australia is all about per week. I’ve always paid rent on a weekly basis, and my tenants pay on a weekly basis. I get paid by my job on a weekly basis. It’s all weekly.

[@Jo-dx9zm]

Would rather pay mortgage….

[@zen1647]

Would be interesting to know how many homes had reduced rent during the pandemic lockdowns.

[@RJProbably]

None, within margin of error - same as any other time.

[@ellenkelly953]

None, they increased

[@Ausf]

The only reason to reduce rent is when demand isn't high enough to attract a tenant. If a tenant is already in place, there is no reason to lower the rent. Of course many simply refused to pay because governments decided not to evict people.

[@lawrencekling8598]

They didn't reduced rent during the pandemic but the government freezed rent and ban eviction for short term.

[@zen1647]

@@lawrencekling8598 Well I know of at least two places that lowered rent because it happened to me. But possibly that was more for smaller places closer to the city.

[@EagleSlightlyBetter]

Rents don't 'go up.' Landlords put rents up. Absolutely sickening.

[@Battleneter]

Blame local mum and dad investors buying their 2nd and 10th investment property pushing up house prices and drive down home ownership numbers. Now interest rates are heading back towards their long term average, there is no choice but to pass along the cost of these highly leveraged properties. Oh no wait according to the media it's a "houseing shortage" lol

[@anonmouse15]

​@@BattleneterI'd shed no tears if some investors go bankrupt.

[@dathorus1]

I'm well above award wages in my industry. Yet after paying for rent, food and bills, I have $35 left over. That's barely enough to cover life saving medications I need. I wouldn't be surprised if they find me dead in my home one day, because I wasn't able to afford my medical.

[@alwayswinning3743]

Mine went $310 per week 1 bedroom and saw It online for $450 Parramatta ... I moved out west of Sydney Penrith and paying $330 2 bedroom with garage

[@ads998]

In the absence of any meaningful regulation, this will go on and on.

[@hannesRSA]

Worst idea. Have the nanny state set a maximum rental price for each property? Anything else can be circumvented.

[@JoeCool90]

It is already highly regulated and yet the problem has worsened. Next inane idea.

[@tauIrrydah]

I have offered more than the asking prices for a rental before... it had no insulation, asbestos in the yard, septic tank overflowing. Our entire country is held hostage by the housing market and there is no way out.

[@morganoox3838]

Oh there is a way out. But Labor liberals and greens are all on the take.

[@JoeCool90]

If you offered more than asking price, then you are one of the muppets who caused this issue. If it’s not a good property, walk away.

[@morganoox3838]

@@JoeCool90 obviously you have never experienced homelessness.

[@pm2886]

Yes there is. Buy your own place.

[@morganoox3838]

@@pm2886 sure, just can buy a dump with the spare million dollars everyone just has lying around

[@amac2612]

one of the problems, and there are so many, i think your premier said it, that you cant keep adding a new street to western sydney every week. Thats all we seem to do. Only so much available land so lets just stick a single family single story home on it connected with cul de sacs with no access to transport. Lets just keep building those, that will solve it.

[@davidvanderklauw]

Each state should select just one giant city and try to put all of the extra people there. Ban extra houses anywhere else.

[@waitawhileexplorer3904]

Stop the imports. Much quicker solution that could solve the problem worsening. Can we really afford to bring in more immigrants. Are they being told of the housing crisis before they apply?

[@Eric-kn4yn]

​​@trapd00rspider there are no labour shortages and its not catcup migration its called the big australia no one wants. Note youve taken the bait saying stopping migration no its having managable numbers 100k year

[@andysmoo3448]

@trapd00rspider You do realise that it is the mass immigration that causes labour shortages ? More people means you need more tradesmen, doctors, plumbers etc, to service their needs. That is why we did not have skills shortages until immigration was cranked up to extreme levels by John Howard after the 2000 Olympics.

[@patrickdoyle9304]

Seeing this in Dublin too. Mass immigration from EU (voted for) and non EU ( not voted for) rents to the moon

[@jackheinemann1994]

I had a passion too for property investing in my teenage years...

[@basicattentionwoman5787]

Why are you using footage from last November (ie the jacarandas are in flower) when you are talking about rents in May 2023 🤷🏻‍♀️

[@K10wNs-Shed]

The core issue of the housing crisis, and no body is talking about it, is that property values are not determined by the free market, but are instead valued by government valuators who set a value on your property for land taxation and rates purposes. This has a knock-on effect to buyers and renters when land owners believe their property is worth way more than it really is. As an example: I paid $55k for my 4br house on 1/2 acre in 1999. In 2000, the land tax I was charged was based on a $220k valuation. The current valuation is almost $400k. The property is not worth more than $110k if I were attempt to sell it and actually find a buyer in a reasonable amount of time. The properties that are advertised for sale around me have prices set somewhere near that taxable valuation... and they aren't selling. Its a taxation issue with inflated valuations to increase revenue from land owners.

[@sandponics]

My little block is worth more to me than it is worth on the market because I own it and built my own house on it and so I now get to live here for free. There have been plenty of opportunities for young people to buy houses in the past, but they preferred to rent and instead invest in $70,000 SUV's that cost an arm and a leg to run, and devalued like crazy. Plus they absolutely had to have the latest iPhone and the expensive holiday etc etc etc. Now they complain about rent rises during times of predictable inflation. It is like the man who stuck his head in a bucket of water, and then complanied when he drowned. What they all need is a brain transplant.

[@JerryA676]

Communism

[@sandeepsampath1985]

What do u mean "Now"? When was sydney rent lower than other states?

[@Conceptualcreatures]

If rents can’t go down, wages must go up by an extra $500 p/wk. This cost of living crisis isn’t sustainable. Not only on the wallet but the stress on people which turns into illness which then falls back on the Australian health system and welfare system when people become so sick that they can’t work ?!?

[@shauncameron8390]

Before rents can go down, land values, property taxes, mortgages and interest, etc. have to go down.

[@anonmouse15]

Take inspiration from the past, and enact secessio plebis.

[@paxundpeace9970]

As you can see many of those building where lowrise. Only the new unit the one guy was looking into was a unit in a tower or high rise. Sydney needs more highrise and midrise buildings.

[@pm2886]

No it bloody does not! "Affordable" housing means cheap housing, and cheap housing can only be produced on cheap land! It does not belong on the highest value land in the country .. IOW urban areas.

[@yawillykwily7179]

Freeze immigration, high taxes for greedy landlords with over 100 properties. Higher taxes on Wealthy. Rental cap Invest in community based housing programs. build more apartments and smaller units for smaller families .

[@resolecca]

Yes except make it andlords or 10 properties

[@yawillykwily7179]

@@oliver6223 tell me which other countries that are economically stable and secure other the western countries? Mind you, this rental crisis is happening everywhere due to inequality.

[@pronumeral1446]

Freezing immigration would supercharge inflation. We also had a freeze on immigration during the pandemic and it didn't help rents at all.

[@lawrencekling8598]

Freeze immigration isn't possible because we need foreign workers to fill in the labour or skill shortages.

[@Zei33]

Freezing immigration is such a dumb policy. It’s simple economics that immigration fuels economic growth. You would be damaging everyone’s futures.

[@Aaine784]

"how are tenants and landlords coping?" SORRY, WHAT? This country is obessed with the wellbeing of LL's and cafe owners. I'm pretty sure LL's are doing JUST FINE with rent increases in the hundreds per week. Jezus.

[@persianguy2849]

There's a million empty houses in Australia. It's the greedy investors and all these dirty money from overseas that pour into housing market that drive prices of everything up. Government knows exactly what's wrong but does not want to fix it.

[@shauncameron8390]

Because they need that property tax revenue.

[@pm2886]

No it isn't. It' s the greedy people who expect their own private residences. There are 8 billion humans on the planet. There's no possible way every adult/couple/family can have their own private residence, without the whole thing collapsing.

[@Ausfailia]

People are renting homes for $900 a week on the Gold Coast where i live, in a normal suburb that's not even close to the CBD

[@paxundpeace9970]

The issue is that not enough rentals are getting build. The same is true for the UK, Europe US, Canada NZ. Now it is even worse in Australia high interest rates, still high inflation (it is going down a lot). No people are returning to Australia which they had postponed previously.

[@JoeCool90]

Believe me, that is the opposite of the issue. The issue is complex and multi-faceted but there most definitely ARE enough being built.

[@sandponics]

Stop worrying about it, when all of us oldies croak it, there will be plenty of empty houses available. Except that we all appear to be planning to live forever. I just hope we don't run out of money before we run out of time.

[@angelachanelhuang1651]

I am German

[@brettsalter3300]

I used to pay $50 week on Glebe Pt Road, in a single room flat, in a house, opposite the Valhalla in Sydney in 1980's.

[@ubonrat8653]

Likewise lived on Forsyth street Glebe in the late 80's, $50 a week and rode my bike to work in the city

[@brettsalter3300]

@@ubonrat8653 Yep, you could practically see the city from there! I used to walk happily to Westfield Towers in William street.

[@thomasbarca9297]

I was once looking to move out of my parents place now looking at these rental prices it’s insane

[@sandponics]

Possibly you are thinking it is about time they left. But they might disappoint you.

[@mariahewitt9787]

Where will the 715K new immigrants we have to have, live? I wonder if our fearless leader Albo, has an explanation?

[@pronumeral1446]

There is no 715k new immigrants. Labor are only increasing immigration from 160k (under Morrison) to 195k for two years. So only an increase of 35k per year. And the LNP previously brought in as many as 180k per year. 715k doesn't take into account all the people who LEAVE Australia each year (eg: Aussies who move overseas, immigrants who get deported, short term immigrants eg: people on holiday who come and then leave, students who finish their degrees then move back to home country).

[@pronumeral1446]

@@mariahewitt9787 Yeah righto. Time to take your pills and go to bed, conspiracy cooker.

[@peterbardsley2636]

​@@mariahewitt9787 you forgot about the lizard people, The real puppet master's behind immigrants migrating to Australia 😂

[@Eric-kn4yn]

​@@oliver6223 100k is enough migrants o/s students play the system 30% stay eventually send em home

[@nnyv0040]

so let's blame immigrants and immigration again! *side eye*

[@myoldvhstapes]

The purple Jacaranda trees are flowering here in Southern California, as well. How does that happen when our countries have opposite seasons? It's late spring heading into summer in the US; late autumn heading into winter in Australia.

[@Gumardee_coins_and_banknotes]

Plants adapt to a certain point.

[@gilliankirby]

In Sydney our Jacarandas flower through November - our late Spring.

[@myoldvhstapes]

@@gilliankirby: That is what I would have expected, that they tend to bloom in spring wherever they are in the world. Wikipedia boasts that jacarandas bloom twice a year, which would explain it. However, that 'second bloom' around here has always been just a few random flowers on the trees. Barely noticeable.

[@jersey6809]

I live in Jersey Channel Island bedsit renting starting £900 per month sometimes with shared toilet and light cooking, 1 bedroom flat from £1400 without parking and 2 bedrooms over £ 2000 and they are tiny. Minimum wage is £10.20 🤷‍♀No comments

[@juneallan4903]

It's not only Sydney..Rentals in Toowoomba are rising.and some are very expensive for a country town come city.thats if you can get a rental.Time to get a family style tent and find a back yard.

[@Tarotjackpot]

Get rid of air bnb. Write to your local politicians they need yo listen. Just look at your own area where you live and you will be amazed at how many air BNB’s there are. They are causing a huge issue

[@sandponics]

I love going camping in this amazing country. Especially now that the government have killed off all of the insects.

[@NameZippy1]

By breathing I just entered the air "market" 😂

[@morganoox3838]

Imagine not having enough houses, so that there is a homelessness crisis, then bringing in over a million immigrants.

[@Heyheygday]

New to me. My unit is being rented out for $325 a week in Sydney? Maybe I should also hike up the price leeel

[@preeyanka]

[@OguntugaMorenike]

I live in the uk and it's the same all over the western world

[@wafflingmean4477]

This is pure greed. Nothing more. Even if that guy happens to be the mythical 'nice landlord' (I doubt it, he's just on the ABC to advertise himself), no one, I repeat, NO ONE should EVER be allowed to own more than two properties, let alone SEVENTY-EIGHT. So what, we peasants are forced to pay taxes directly to the wealthy (because that's want rent is, it's simply being taxed because you're poor) forever while landlords hoard nearly a hundred properties each? Why do they get to own OUR homes? Houses are not a commodity, they are a necessity. This cannot continue. Trust me, soon enough regardless of whether the Greens manage to pass a rent freeze policy, hundreds of thousands (if not more) of people are going to stop paying rent en masse. What is the government going to do? Evict a million people at once? You don't have enough cops for that, and half of them are probably in the same situation as us, they're not going to help you. Keep pushing us. See what happens. Honestly if the government won't pass a rent freeze maybe renters on a city-wide or country-wide scale should just start planning our own. And we don't care if we crash an economy that's designed to break us.

[@johnnyboyvan]

Sounds like a nightmare! 😮

[@sapiens7821]

People forget we live in a Capitalist Society this is the way we live The Have and Have Nots unfortunately. As the RBA continues to raise the rates in a losing battle against the ever unbeatable Australian housing economy. As supply dwindles and demand rises with wealthy migrants and overseas investors rents will continue to climb. The investors as well as overseas and Real estates are Happy As. Every capital and regional city is seeing its biggest growth in decades. Positive, Negative Gearing as well as equity building will only inflict more harm on the Have Nots. Albanese will not do anything As he will hurt his own pocket and lose Votes from the middle, Upper Ruling Classes. Property Investing is Part of Australian Culture and ideology. Social Housing is way to far behind and won't keep up with demand. Most Rental Properties fail the WHO Standards of living classification standards. Prepare, Adapt, Survive

[@lawrencekling8598]

Yes, good comment. That's sad reality we're facing here

[@Zei33]

The interest rate rises are proven to combat inflation. Either way, renters are going to be paying more. Interest rates go up? Rent goes up. Inflation devalues the currency? Rent goes up.

[@sapiens7821]

@@Zei33 these are different times Australia is PRIME real estate the RBA will not deter the classes that can afford to build, buy, invest,

[@Zei33]

@@sapiens7821 I don’t disagree, but the interest rate rises are squarely aimed at reducing inflation. If they hadn’t in increased interest rates so much, inflation would be out of control. Thankfully it looks like it peaked in December. But it’s gonna take a while before it gets back down to a more acceptable 3%.

[@anthonyche6257]

Interest rate gone up 200% from sub 2% last year . Increase in costs

[@elnora1469]

May slow migration which obviously a major part of the problem and the elephant in the room?!? We talk about a rental crisis and in the same breath state that another 400 000 people are expected to migrate here in a short period of time. Rents went through the floor during covid, when the borders closed and many people departed Australia. We rented out a 2 bed apartment in the north shore for 520 a week during covid, when it was previously going for over 650. No one wants to talk about but the massive numbers of migration to Australia aren't not sustainable! Unless we're happy with lowering the standard of living for those of us already living here.

[@anonmouse15]

It's almost as if the current situation is by intentional design.

[@joeldecoster8816]

what is tragic is mum and dad aging and renting and kds and grandkids squeezing back in, loads of stuff and total chaos n te home

[@Sabertooth12]

Ha! This is not new. I'm from Sydney and always found it to be way overpriced and thought it as the most expensive city in Australia. I'm now living abroad and loving it. I don't miss the pretenciousness of Sydney one bit. Unfortunately like alot of places you have an older generation who bought up most of the property when it was worth chips decades ago. They and their kids who have inherited it are now rolling in it as well as the foreign investors who don't care about the struggles of those trying to get on the ladder.

[@davidlp3019]

My grandfather bought his house in kingsford in the 1960s for 2500 pounds or something. About 50 grand in today's money. Today the same house which he still lives in is worth 2.5 million 😂

[@robertolang9684]

nothing to do with what you said it is a government policy to send people into poverty and they friends banksters to profit

[@pm2886]

Why are random strangers required to care about 'the struggles of those trying to get on the ladder'? What an absurd expectation! How much of your net worth are you prepared to sacrifice to help random strangers realise their personal ambitions? I'm going to guess NONE. Now you know why it's an absurb expectation.

[@robertolang9684]

@@pm2886 look genius , i live within my means i don't replace computers or cars because there is a new model coming , i only replace it when it is broken can't be fixed like in old good days , in the fifties, society were the most inviro friendly we could get , but the profiter of the devil were not happy so they come up with fashion = consumism and abandoned , the ways society been living today we are the odds with nature life and we know we can't continue like that so individuals like you with the mentality of consumismo must be locked up for the sake of humanity , that is it boy repent go back recognise Jesus Christ father GOD ELOIM BEFORE TO LATE FOR YOU

[@Sabertooth12]

@@pm2886 Well you tell me? The fact is as someone responded to my original post earlier that in the 60s you could buy a house in Sydney for $50k which was far more easily achievable at the time with inflation than it is to raise a few million today. How is that fair? Do you just say "tough" to the next generation? This is in my opinion is a fatal flaw of full blown capitalism. Individuals only caring for themselves and ignorant of the plight of those unfairily born afterwards. I'm by no means a die hard "lefty" however it does feel as a young Australian that there literally is no chance of having a secure life with a home, raising a family and having a career all at once like our parents did. These are the exact things WE were brought up to do and told was the right thing to do by that same older generation. It's not an "absurd expectation" - sounds more like something the older generation took for granted.

[@dawnferris9611]

All wondering around looked stunned. So sad.

[@fabsnr1]

When the average house price in Sydney is $1.2 mil and the mortgage rate is higher than it’s been for over 10 years, it’s gonna affect rental prices. Fortunately I live in Perth, where the median house price is lower and so are rents but it’s going up in a lot of places around the world

[@dumdumbrown4225]

Everything else is double priced in Perth + it’s twenty years behind the rest of Oz

[@freeman10000]

​@@dumdumbrown4225 If being behind means being livable give me Sunny Perth every time.

[@dumdumbrown4225]

@@freeman10000 the flip side is that as your thought spreads around, that affordability you covet begins to evaporate, mate. I hope you find your dream home. All the best!

[@brocksinclair66]

​@@dumdumbrown4225 how is it 20years behind?. Coz are wages are higher and our rentals are cheaper? Seems like W to me. Considering our houses are usually bigger and double brick

[@bikebasket9594]

What a pathetic story. I lived in Seven Hills in 2007 above a church and I paid 50 dollars a week. The apartment was over 200 meters square. These young snobs who disdain other more affordable parts of Sydney revolt me.

[@Alice_Sydney]

If mortgage rate keeps up, why would should rent be freeze?

[@Michelle_Emm]

Because investment is a risk and property investors should have to wear the losses just like a share market investor would.

[@lingth]

so despite the high rents, ppl are still paying the new prices?? as long as there is a high demand and low supply, high prices will continue..

[@hoppalong-er1xp]

The government's are to blame. They have been told and told for the last 20 year's. Build more low income housing. Stop selling it to They have new housing built.

[@mathewtoll6780]

Increase the amount of social housing in the system. Provide an alternative to the private rental market that puts a drag on price increases. Develop a lot more high density housing near city centres to rapidly increase supply of housing in desirable areas

[@azzking9305]

Or just decrease immigration

[@nikopoulos5241]

@@azzking9305 Or just eliminate it completely

[@davidvanderklauw]

Is it wise for every state to have just one giant city where most people live? I wonder why that happens? Water supply or something political?

[@JoeCool90]

Social housing doesn’t work we’ve already established this.

[@pm2886]

Absolutely not. Public housing has to be produced at the lowest cost possible (it's tax payer funded, after all), and that means on CHEAP land. It should be nowhere near urban centres, or anywhere land is valuable. If people want subsidised housing, they must accept it as and where is. They're not obliged to take it if they don't like it. We all have to live where we can afford. No one is so special that they get to live where they want, at someone else's expense.

[@stevey7059]

It's all about demand and supply, some people are controlling the supply while the government keeps letting migrants in.

[@tigerkuma1011]

Unfortunately when you agree to pay more than the advertised rent, your sending a message to the agent and landlord: when can get more from her down the line

[@anitacohen8753]

Most renters cannot afford to eat properly.

[@ryanmorgan9589]

Well Sydney was always the most expensive. But here on the sunshine coast it's gone from $540 to $750-780. It's growing so fast it will keep going up. People from Sydney have moved up here. Because of how ridiculous Sydney cost was and they are the reason we are now ridiculously expensive. Pre COVID you could rent huge nice house on the water for 750. Now thats like 1200 plus.

[@Dave-yw2wc]

Best way to reduce rental costs is to reduce regulation and costs on developing new residential properties. Often government regulation significantly increases the time and costs to develop new properties.

[@onions831]

I thought this had something to do with Bunnings bc of the thumbnail

[@mdrsalgado]

There is a really quick and only fix to housing unaffordability in Australia. If enough young people quit their job, the economy stops, stock market crashes, property market follows and that's when you get the attention of those in power. That's when you demand meaningful change and if you stay strong you get it. As long as you're obedient they will keep misleading and delaying. And the problem will just get worse. You've got the power, all you have to do is use it.

[@jakeeus]

Great strategy to become a third world country

[@cathiematthews1359]

Well, an old fashioned workers strike would work too. Particularly, with essential workers! It would last 24 hours… maybe 48 hours tops!

[@morganoox3838]

Thats not how it works. Houses have become speculative investments. People need to realise they are not worth the money People think they are.

[@sharongoodsell9341]

​@frankgrimesstolen country ,, the world is a fantasy sink or swim

[@eckankar7756]

Stop having so many babies that the parents can't afford. That will help this from continuing into the next generations. Have 1 child per family for a generation.

[@carocarochan]

Same in Canada...

[@Christian007486]

Did that guy say he owns 78 properties...

[@JoeyBlogs007]

Raising interest rates mean those costs get passed onto renters Reserve bank to blame. Better to build more new technology industrial capacity, to help increase output at lower cost and change the supply / demand equation, rather than raise rates to the hilt with a boom bust mentality. Fiddle with the exchange rates if you want. It's a no brainer.

[@mikebarnes1239]

Took me 7 years of sacrifices, no travel, no restaurants or entertainment to save the 20% deposit to buy my first house. I started a fly in fly out (FIFO) role. So now live and work in another state. With the rental laws the way they are in Victoria and what my extra tax contributions would be I’d rather it sit empty

[@danielperatinos89]

Be careful with mould. You can develop pneumonia when exposed to it.

[@e75short14]

6:02 Win win situation for everybody? Certainly not for the renters

[@mickzed6393]

No solution to this. If a rental property doesn't have a realistic return for an investor, there is no rental property. Many investment properties are highly leveraged , so with massive interest rate rises and many other fixed costs rises and the worry of bad tenants and now you can get 5% in the bank, with no hassles............

[@violitaanderson-smith2394]

Heartless😡😡😡😡

[@philliproberts7294]

Thousands are all ready living in tents and cars and the really sad part is some are over 60

[@N3gativeR3FLUX]

No children left behind. Yeah right...

[@kianp]

wow. he seems super proud. each to their own.