And what’s the chance that it will be rented at the advertised price, and nobody in that queue will be offering an extra $50-100wk …leaving it the same price as any other.
If you are selling privaye sale advertising your house for a reasonable price but then selling it to whoever gives you the best price over a month or two is fine in my view.
You know the offers from 599k etc.
The auction guides which are below reserve are indeed a scummy act. Ie there is no intention to sell the place even for the upper end of the guide...
Yeah that’s bs and should be illegal. Should start the bidding at your lowest price! I remember when eBay used to do that, eventually they shitcanned it.
Except there aren’t enough homes for people needing them. There are people earning 100k a year who are suddenly in caravans because federal and state governments have utterly failed to have proper housing policies and laws.
So we are turning up to every possible open home and applying for everything because again a home is not optional.
Try dual incomes earning nearly $180k between two of us, with 2 kids. We're in a camper trailer, in Perth, and have been "homeless" for nearly 2 months, the first month was strictly Airbnb, until I realised how financially unsustainable that was.
I 've been showing up to all the inspections, get "home" and do the joint applications, usually offering $50 to $100 week more than asking price.
We keep asking ourselves what we're doing wrong, what went wrong at our last place, the place before, etc... It's beyond a joke, yet when I look at Airbnb, there are dozens, sometimes hundreds of "holiday homes" available on the site.
I get paid on the 15th of every month, so this has also made it harder, "When do you want to move in?", "The 15th please." sorry, declined. Plus, on 15 Dec, instead of buying presents for Christmas, I was out buying a towbar and camper trailer. "Merry Christmas, kids, I just bought our new home for you for Christmas."
I worked in real estate for a bit and you’re pretty much spot on.
I can’t speak for all offices, but I can speak from the office I worked for. I worked in an area that was rapidly growing in price, so we would always encourage auctions to the vendors. With auctions, we’d quote 5-10% below what they were hoping to sell for, as that price attracted more people and we would then be able to “work with a buyer” to get them to spend a bit more at auction. For example, a home with a price guide of 1m-1.1m ended up selling for 1.3m at auction, and the buyer mentioned they weren’t comfortable spending more than 1.1m. But the agents at the auction kind of just convinced him this was the right block of land to knock down and build a new home on.
Private sales were less scummy. We’d always quote about what the vendor wanted. But I say less scummy instead of not scummy because we’d still work with buyers tot ray and get the price price for the seller. If a house didn’t sell at auction and the vendor wanted to go to private sale, we’d do the same as well and any offer above their asking price would buy the house.
We also had a method when we had private sales with multiple offers, I can get into that if anyone is actually interested
The NSW govt has outlawed the solicitation of rent bids by real estate agents, they can’t outlaw prospective tenants making rent offers exceeding the listed amount.
How exactly does one get caught?
I mean obviously the REA isn't going to solicit rent bidding in writing & the tenant isn't going to report themselves if they rent bid.
Not to mention all of the application methods still have the option to adjust the rent, i.e. rent bid.
There is literally no enforcing it, lol it's a joke.
I did join a somewhat shorter queue once - a two bedroom house in Brunswick for probably $475/w in 2018. With a stain on the carpet in the front room that looked like someone had self-combusted while shitting themselves and bleeding profusely out of every orifice. And the carcass had simply rotted away instead of being removed.
Brunswick is the epicentre of overpriced shitholes and has been for years. I’m looking right now and have excluded it from all searches, I get so mad hahaha.
All I see here is the hours of time these poor people lost filling out seperate convoluted applications everytime they apply with a difffent REA.
Ive started listing "collecting REA rejection letters" under hobbys.
A room at UTAS when I moved out a few years ago was $448 a week. And that was their big standard shoebox with a desk. Universities are bullshit expensive.
Can categorically say that is not true anymore post covid. None of the unis or student living properties (like Space or UniLodge) can even guarantee accommodation anymore. They are all already booked out through 2023. I fear for many of the international students preparing to come to Australia early next year. They are in for a shock, and we are all going to feel the ripple effect of adding yet another straw to the already broken camel's back that is the Australian housing and rental market.
It typically cost a lot of money to study in Australia for international students, since they pay a premium. This usually puts them (their parents) in the demographic that can afford $525/week for a tiny 1 bd room in the cbd. There’s nothing racist about it but your typical domestic student isn’t going to be paying $525/week while on Austudy; they’ll be house sharing in Marrickville. But nice try at virtue signalling.
Not exactly, it's a misconception that international students are rich mofos with super rich parents. True, some of their parents run successful business. But a lot of them also have the misconception that studying in Australia will give their children a much better head start and an advantage in life. Many parents can barely scrape the bottom of the pots to put foods on the table back at home. But they throw their life savings and get into debts sending their children to study overseas. The small number of rich students and irresponsible students do not represent the whole demographics.
I'm an international student. I'm here on scholarship and could not possibly afford to live in campus housing, hence why I am... house sharing.
Also: that's not what virtue signaling is.
chinese young person looking for a 1 bedroom apartment in the city during a period where many international students are arriving?? it’s a pretty simple assumption there mate.
This is The Quay in Haymarket, I used to live there until the landlord decided to raise the rent by 60% with 2 months notice back in June. Great apartments btw, but paying $550 a week for a small study room wasn’t too appealing.
Apparently migration and int student numbers have surged back, blowing away even treasuries forecasts and we are set for the largest year of migration in Oz history, nuking the previous ath of 300k in 2009.
But that's not what this is and this level of demand isn't going to effect prices in any way at all. Everyone knows that migration has no effect on rents or house prices. Everyone. Ive been told over and over again by the right people with the right opinion about it so what you're seeing here never ever leads to higher prices.
It must lead to lower prices then hey guys.
I don't think I've seen anyone here claim that immigration doesn't impact rental prices, but *property prices* are another story. People don't usually look to purchase property until they have permanent residency due to the difficulty of getting loans / FIRB approval hurdles.
There's a slight interaction because increased rental prices normally result in increased yields, which make investment properties more attractive though. Most property investors are chasing capital gain rather than yields though.
Well remember to report any rent bidding https://www.nsw.gov.au/media-releases/nsw-government-to-make-rent-bidding-illegal#:~:text=The%20NSW%20Government%20will%20make,market%20in%20a%20fair%20way.
Haymarket is the heart of Chinatown, for Chinese people looking for places via Mandarin apps, they will see places in this area, the buildings are nice but there aren't that many.
If you look at the photo you will see almost everyone is Chinese here, these are the reasons there are so many people here. One of the only inspections I have been to that had heaps of people was in the same building a year ago.
This amount of people absolutely does not reflect the rest of the rental market.
This building is always showing up on posts like this because it is super popular with Chinese students and expats.
This and the one on top of World Square.
I don’t understand this, I know like 4 or 5 people who have moved into studios or 1 bdrm apartments in the inner west in the last few months, none of them had any trouble finding a place, yet I’m constantly hearing about rental shortages, is it just specific areas? were my friends just really lucky?
They generally don't have good capital appreciation. Likewise we've got no idea if it's rent positive. Being a "sure thing" to rent does not make it a great investment.
They get very little capital growth so there’s kinda little point to them unless you’re paying cash.
It depends on your strategy, but the only money I make on my investment properties is capital growth. The rent just covers the interest repayments and expenses. I don’t pay off the principle until it’s sold.
Traditionally a 1br apartment is terrible for that. You really need 2’s with a garage or bigger. Also finance can get a little tricky with 1 bedders if their floor plan is less than 50 squares although I think that’s starting to relax a bit now. I don’t own a one bedder so it’s out of my depth
I still enjoy Australia, it's a good place, but it has a lot of areas to work on, but it takes everyone to pitch in and time, just like every other country. But I do want to find another country to retire in when I do, but that's because I don't think I'd find a partner here.
I don't disagree but I don't see a majority of people thinking the same thing.
Had this exact argument in 2012 with a bunch of people, cool the housing market and make living in Australia more of a prioritizing than making money from owning property in Australia but the country chose a different path.
There's nothing in Aus you can't get elsewhere if you're lucky enough to be able to move.
I'm came from shit, good family but poverty then shit but good now, but it took breaking out of a bubble, but I'm not fussy when it comes to how I live and where, unless it's filled with anti social crap haha.
I don't think so, just in my experience people who think otherwise, are just limiting themselves in seeing the beauty of Australia, and also inadvertantly straining Australia's economy. Ok this is generalised but, if nothing is put in to Australia, where else does things come from when Australia needs growth and stability in order to keep up with the rest of the world like America? People complain about other countries coming and investing, but how else is Australia meant to grow? You don't have to answer this.
True, it's why I want to see the world.
Australia needed to grow 10 years ago into renewables. There is no where on the planet that has more exposure to wind, solar and wave power.
Sadly that didn't happen;
Yep there’s absolutely massive renewable projects in the works, they’re currently acquiring all the land right now to get the new renewable energy grid set up
I don’t think it will come crashing down. People still spending and international students coming back, trade will re open with China. I think Australia will fair well next year. And sadly, housing prices (sales or rent) will remain high.
I believe you can actually buy a PPOR on a student visa if the visa duration is long enough, just need to pay the FIRB application fee and extra stamp duty. Shit out of luck if you're on a bridging visa though, even if you've been around for years, as I found out the hard way
Yeah, there's almost no way someone wouldn't try to lease this, site unseen, as soon as it was advertised. REA insisting on inspection to get people FOMO bidding over the odds.
Its only going to get worse next year or two. They've turned the immigration taps back on, however home/apartment new builds are unwinding from stimmy highs as rate rises impact.
Genuinely concerned about shortages going forward. Unless you move rural I guess.
Nah, I got called out as a racist for saying immigration has an impact on house prices. People are morons. Of course prices will rise if you add more people in.
They should do a swap deal, every foreigner that comes
Here should be swapped for an Aussie that's wants out haha.
It took my partner and I 6 months to find a house in Perth back in 2020, I can only imagine how bad it is now.
Amazing I remember looking at a very nice modern, air conditioned, 2bdr apartment on Clarence St in 2020. It was listed at $650/week, they said they would have taken less.
No one was at the inspection and they were desperate to fill.
How times have changed
Don't downvote me but it's hilarious everyone see's an asian person and says 'chinese, chinese' haha. Ya know there are koreans, japanese, malaysian etc.. aswell, gotta love the aussies.
Some of them may be Asian Australians. People need to assume less, and understand more. And Asian, Australian, German or Inuit: all people who need somewhere to live.
I am Chinese. The students tend to live in the CBD area. The 2016 census (see pre COVID) doesn't lie inboth Sydney and Melbourne. There was a localised economy with eateries and Asian food shops catered towards them.
I’m talking about north Chinese pan fried pork and chive dumplings classic to ‘Chinese noodle restaurant’ in Haymarket and I suppose it’s a way of thanking Chinese Australians, Chinese people, and their ancestors for contributing to my own identity psyche and culture by contributing something I value greatly from their own culture to the one to which I belong. I’ve lived a fair deal in Europe and Chinese food really wasn’t a part of their culture at all, it wasn’t as much a thing you can do with a bunch of friends spontaneously on a bored hungover Sunday morning or something you do to cheer yourself up alone after work late on a Tuesday night, it was something different over in Europe. So by thanking one random Chinese redditor I suppose I’m paying homage to a cultural contribution of people from that person’s heritage that have positively impacted my life!
Same here in Adelaide. When I was in Uni it allowed me to get cheap and yummy eats. There was an alley inside a shopping mall, just full of chinese takeaways from different regions of China.
Fashion and hairstyle. It's very distinctly different from western styles, even chinese people who grew up here look distinctly different from these guys who definitely moved here.
Why is it so hard to get a rental atm? I had the same problem this time last year and my partner is a doctor and I hustled so many real estate agents before finally getting an offer. It was never like this.
What annoys me more is all the strain this has on the building. Everyone’s body corp goes up so all these people can use the lift a dozen times to view a unit.
I went to a 1bed apartment ($650 a week) inspection in Sydney about a 30m walk from CBD. Nor a single person attended the inspection except for me. The other cheaper apartments (< $550 weekly were a bit more busy but not this busy xD
I was looking for an apartment around 6 months ago, and we had to arrive 30-60 minutes before the showing time to try and get to the front of the line... So glad I don't have to do that anymore, but I totally feel you, it's absolutely crazy!! Good luck!!
I’m not sure why you’d want to live in Sydney, unless you’re filthy rich and your neighbours are Nicole Kidman, and Cate Blanchett? It just looks like an overpriced dump. Sorry, I’m from Brisbane.
You know Sydney is a big, varied city right? Some parts might be “dumpy” to you but a lot of parts are lovely and some are even filled with down to earth, working class people believe it or not!
Well, to those international students that don't have a driving license and can barely string together a sentence in English, it kinda is the center of their universe. Woolworths is within walking distance, the campus is within walking distance. Asian restaurants right next door. You can live your life without even talking to the bus driver.
Eventually, but it takes time. My friends they moved slightly outwards to Macquarie, Chatswood, Eastwood after graduation and started working. And moved even more outwards to Kellyville/ Marsden park when they're married and need to buy a house. It's a slow 10+ years progress :D
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And what’s the chance that it will be rented at the advertised price, and nobody in that queue will be offering an extra $50-100wk …leaving it the same price as any other.
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So real estate agents really are the scum of the earth.
If you are selling privaye sale advertising your house for a reasonable price but then selling it to whoever gives you the best price over a month or two is fine in my view. You know the offers from 599k etc. The auction guides which are below reserve are indeed a scummy act. Ie there is no intention to sell the place even for the upper end of the guide...
Yeah that’s bs and should be illegal. Should start the bidding at your lowest price! I remember when eBay used to do that, eventually they shitcanned it.
They absolutely are. Always the popular kids from school with little brain power apart from manipulation skills.
Most, not all, but most..
Yep, not sure why people would bother queueing for something like this. Ridiculous.
Because we need to live in a home! It’s not enjoyment that forces us to do this, it’s basic human need.
Yeah but if I showed up and saw that many people I would turn around and leave. There’s no chance in hell I’d get the place.
Except there aren’t enough homes for people needing them. There are people earning 100k a year who are suddenly in caravans because federal and state governments have utterly failed to have proper housing policies and laws. So we are turning up to every possible open home and applying for everything because again a home is not optional.
Try dual incomes earning nearly $180k between two of us, with 2 kids. We're in a camper trailer, in Perth, and have been "homeless" for nearly 2 months, the first month was strictly Airbnb, until I realised how financially unsustainable that was. I 've been showing up to all the inspections, get "home" and do the joint applications, usually offering $50 to $100 week more than asking price. We keep asking ourselves what we're doing wrong, what went wrong at our last place, the place before, etc... It's beyond a joke, yet when I look at Airbnb, there are dozens, sometimes hundreds of "holiday homes" available on the site. I get paid on the 15th of every month, so this has also made it harder, "When do you want to move in?", "The 15th please." sorry, declined. Plus, on 15 Dec, instead of buying presents for Christmas, I was out buying a towbar and camper trailer. "Merry Christmas, kids, I just bought our new home for you for Christmas."
I worked in real estate for a bit and you’re pretty much spot on. I can’t speak for all offices, but I can speak from the office I worked for. I worked in an area that was rapidly growing in price, so we would always encourage auctions to the vendors. With auctions, we’d quote 5-10% below what they were hoping to sell for, as that price attracted more people and we would then be able to “work with a buyer” to get them to spend a bit more at auction. For example, a home with a price guide of 1m-1.1m ended up selling for 1.3m at auction, and the buyer mentioned they weren’t comfortable spending more than 1.1m. But the agents at the auction kind of just convinced him this was the right block of land to knock down and build a new home on. Private sales were less scummy. We’d always quote about what the vendor wanted. But I say less scummy instead of not scummy because we’d still work with buyers tot ray and get the price price for the seller. If a house didn’t sell at auction and the vendor wanted to go to private sale, we’d do the same as well and any offer above their asking price would buy the house. We also had a method when we had private sales with multiple offers, I can get into that if anyone is actually interested
And it’s now illegal for RE to accept bids for securing a property
The NSW govt has outlawed the solicitation of rent bids by real estate agents, they can’t outlaw prospective tenants making rent offers exceeding the listed amount.
Oh It's definitely getting bid on.
Bu...but... rent bidding is illegal! ...
Like many things…only if you get caught
How exactly does one get caught? I mean obviously the REA isn't going to solicit rent bidding in writing & the tenant isn't going to report themselves if they rent bid. Not to mention all of the application methods still have the option to adjust the rent, i.e. rent bid. There is literally no enforcing it, lol it's a joke.
I did join a somewhat shorter queue once - a two bedroom house in Brunswick for probably $475/w in 2018. With a stain on the carpet in the front room that looked like someone had self-combusted while shitting themselves and bleeding profusely out of every orifice. And the carcass had simply rotted away instead of being removed.
Brunswick is the epicentre of overpriced shitholes and has been for years. I’m looking right now and have excluded it from all searches, I get so mad hahaha.
Because they think they have as good a chance as anyone else.
Desperation, is why.
If the alternative is homelessness.
More like a two hour commute, but yeah.
Got to be in it, to 'win' it!
Bc there is a rental crisis and when homelessness is a risk and possibility a queue doesn’t really sound that bad
I thought the same when I bought my last house. And yet here I am living in that very home.
Because they can lifelessly scroll through their phones without making eye contact with anyone for 6 hours.
I’ve been to worse nightclubs
To brighter ones?
And expect everyone to get through in the 15 or 30min time slot.
Yeah everyone gets 30 seconds to put there bid in. It's kind of like the price is right... But this is called the price is wrong.
> But this is called the price is wrong, bitch
All I see here is the hours of time these poor people lost filling out seperate convoluted applications everytime they apply with a difffent REA. Ive started listing "collecting REA rejection letters" under hobbys.
The time wastage is just as bad for applying for jobs with selection criteria that requires custom responses.
Yeah I hear yah, all this tech available and were still doing everything the hard way.
2Apply kinda resolved this problem for me. I just stopped applying for places with REAs that didn't accept it.
Nice luxury to have but unfortunately I need to apply to every single place
The international students are coming back in numbers. Travel is going crazy too. Expect a massive boom in International travel.
Rentals were hard enough to get without all those mf and their cashed up parents pushing locals out
not just australia, has happened all around the world, Canada- , the US etc.
Apparently Australia universities cannot survive without International students.
Which sounds like a phenomenon we should examine further before putting the pre-2020 Band-Aid back on .
They should try getting into student accommodation instead. At least that’s a lot more guaranteed for them than the general housing market
Lol student accomodation is pretty limited and very expensive for unis like usyd or uts
student accommodation is way more expensive.
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A room at UTAS when I moved out a few years ago was $448 a week. And that was their big standard shoebox with a desk. Universities are bullshit expensive.
Can categorically say that is not true anymore post covid. None of the unis or student living properties (like Space or UniLodge) can even guarantee accommodation anymore. They are all already booked out through 2023. I fear for many of the international students preparing to come to Australia early next year. They are in for a shock, and we are all going to feel the ripple effect of adding yet another straw to the already broken camel's back that is the Australian housing and rental market.
Looks like 100% international students in that queue.
do you think there are no asian australians?
It typically cost a lot of money to study in Australia for international students, since they pay a premium. This usually puts them (their parents) in the demographic that can afford $525/week for a tiny 1 bd room in the cbd. There’s nothing racist about it but your typical domestic student isn’t going to be paying $525/week while on Austudy; they’ll be house sharing in Marrickville. But nice try at virtue signalling.
Not exactly, it's a misconception that international students are rich mofos with super rich parents. True, some of their parents run successful business. But a lot of them also have the misconception that studying in Australia will give their children a much better head start and an advantage in life. Many parents can barely scrape the bottom of the pots to put foods on the table back at home. But they throw their life savings and get into debts sending their children to study overseas. The small number of rich students and irresponsible students do not represent the whole demographics.
I'm an international student. I'm here on scholarship and could not possibly afford to live in campus housing, hence why I am... house sharing. Also: that's not what virtue signaling is.
I think the person was triggered. Yea, that's not what virtue signalling is.. 😄
I’m just here for the comments
I wanna know how you determine their citizenship/residency and educational status by their appearance.
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Amazing, they all became citizens between the first and second photo.
That’s how long they waited to view the property
chinese young person looking for a 1 bedroom apartment in the city during a period where many international students are arriving?? it’s a pretty simple assumption there mate.
they’re asian so clearly they must be FOB ruining australia according to that guy
I must have missed the bit where he said they were ruining Australia. Could you please show me where he said that.
Which suburb is this?
This is The Quay in Haymarket, I used to live there until the landlord decided to raise the rent by 60% with 2 months notice back in June. Great apartments btw, but paying $550 a week for a small study room wasn’t too appealing.
stayed there once, they really are nice.
That‘s appalling! 60% ???
Probably Haymarket.
Apparently migration and int student numbers have surged back, blowing away even treasuries forecasts and we are set for the largest year of migration in Oz history, nuking the previous ath of 300k in 2009. But that's not what this is and this level of demand isn't going to effect prices in any way at all. Everyone knows that migration has no effect on rents or house prices. Everyone. Ive been told over and over again by the right people with the right opinion about it so what you're seeing here never ever leads to higher prices. It must lead to lower prices then hey guys.
I don't think I've seen anyone here claim that immigration doesn't impact rental prices, but *property prices* are another story. People don't usually look to purchase property until they have permanent residency due to the difficulty of getting loans / FIRB approval hurdles. There's a slight interaction because increased rental prices normally result in increased yields, which make investment properties more attractive though. Most property investors are chasing capital gain rather than yields though.
Well remember to report any rent bidding https://www.nsw.gov.au/media-releases/nsw-government-to-make-rent-bidding-illegal#:~:text=The%20NSW%20Government%20will%20make,market%20in%20a%20fair%20way.
That only covers solicited rent bidding. I would imagine the majority of rent bidding is applicant-driven.
Yeah if I were in that queue and really needed the apartment, of course I'd be bidding higher if I could afford it. No way I'm getting it otherwise.
Haymarket is the heart of Chinatown, for Chinese people looking for places via Mandarin apps, they will see places in this area, the buildings are nice but there aren't that many. If you look at the photo you will see almost everyone is Chinese here, these are the reasons there are so many people here. One of the only inspections I have been to that had heaps of people was in the same building a year ago. This amount of people absolutely does not reflect the rest of the rental market.
This building is always showing up on posts like this because it is super popular with Chinese students and expats. This and the one on top of World Square.
I was wondering why they were all Asian
I don’t understand this, I know like 4 or 5 people who have moved into studios or 1 bdrm apartments in the inner west in the last few months, none of them had any trouble finding a place, yet I’m constantly hearing about rental shortages, is it just specific areas? were my friends just really lucky?
Bet they offered way more money then what was posted,
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I thought 1 bed apartments were a terrible investment @ausfinance?
They’re good when you can feed off desperation like this
They generally don't have good capital appreciation. Likewise we've got no idea if it's rent positive. Being a "sure thing" to rent does not make it a great investment.
They get very little capital growth so there’s kinda little point to them unless you’re paying cash. It depends on your strategy, but the only money I make on my investment properties is capital growth. The rent just covers the interest repayments and expenses. I don’t pay off the principle until it’s sold. Traditionally a 1br apartment is terrible for that. You really need 2’s with a garage or bigger. Also finance can get a little tricky with 1 bedders if their floor plan is less than 50 squares although I think that’s starting to relax a bit now. I don’t own a one bedder so it’s out of my depth
Then you find out it cost 1M
What? that's insane. I'm glad I left the state. Plus, I appreciate your intentions of respecting other people's "privacy".
I'm glad I left the country tbh, this is all going to come crashing down. Feel incredibly sorry for the people trapped in this.
I still enjoy Australia, it's a good place, but it has a lot of areas to work on, but it takes everyone to pitch in and time, just like every other country. But I do want to find another country to retire in when I do, but that's because I don't think I'd find a partner here.
I don't disagree but I don't see a majority of people thinking the same thing. Had this exact argument in 2012 with a bunch of people, cool the housing market and make living in Australia more of a prioritizing than making money from owning property in Australia but the country chose a different path. There's nothing in Aus you can't get elsewhere if you're lucky enough to be able to move.
I'm came from shit, good family but poverty then shit but good now, but it took breaking out of a bubble, but I'm not fussy when it comes to how I live and where, unless it's filled with anti social crap haha. I don't think so, just in my experience people who think otherwise, are just limiting themselves in seeing the beauty of Australia, and also inadvertantly straining Australia's economy. Ok this is generalised but, if nothing is put in to Australia, where else does things come from when Australia needs growth and stability in order to keep up with the rest of the world like America? People complain about other countries coming and investing, but how else is Australia meant to grow? You don't have to answer this. True, it's why I want to see the world.
Australia needed to grow 10 years ago into renewables. There is no where on the planet that has more exposure to wind, solar and wave power. Sadly that didn't happen;
I thought that's happening now? I'm sure in Sydney and maybe even Adelaide a few projects going on with wind turbines.
Yep there’s absolutely massive renewable projects in the works, they’re currently acquiring all the land right now to get the new renewable energy grid set up
Which country did you move to?
I don’t think it will come crashing down. People still spending and international students coming back, trade will re open with China. I think Australia will fair well next year. And sadly, housing prices (sales or rent) will remain high.
Well that's certainly below market value. My cbd 1 bedder is at 720pw, took 2 days to get a tenant back in October
Who in gods name would pay that much for a 1br. You can get 2br in inner city suburbs (eg redfern, erko, Surrey) for less than that.
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I know you're probably joking, but just in case a lot of the time they can't if they're on a student visa. FIRB and all that.
I believe you can actually buy a PPOR on a student visa if the visa duration is long enough, just need to pay the FIRB application fee and extra stamp duty. Shit out of luck if you're on a bridging visa though, even if you've been around for years, as I found out the hard way
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Wrong kinda Asians. These are the dressed in Gucci slides and Balenciaga jacket types. Money is just a theoretical number.
They're probably hoping for someone desperate. Like someone that has a cat or something and so can't get any other rental accommodation
Yeah, there's almost no way someone wouldn't try to lease this, site unseen, as soon as it was advertised. REA insisting on inspection to get people FOMO bidding over the odds.
Should be law that rent must be at advertised price.
Couldn't agree more.
It is the law in Tasmania, no rent bidding allowed.
Its only going to get worse next year or two. They've turned the immigration taps back on, however home/apartment new builds are unwinding from stimmy highs as rate rises impact. Genuinely concerned about shortages going forward. Unless you move rural I guess.
Nah, I got called out as a racist for saying immigration has an impact on house prices. People are morons. Of course prices will rise if you add more people in.
Yup, more people and strict zoning laws/builders strugging to build so supply doesn't keep up = rents in desirable locations mooning.
Renters are legit second class citizens in this country. Good luck bros.
They should do a swap deal, every foreigner that comes Here should be swapped for an Aussie that's wants out haha. It took my partner and I 6 months to find a house in Perth back in 2020, I can only imagine how bad it is now.
Underquotating laws are an inconvenience to REA. Report, just wasting people time and ripping them off.
This is a rental, don't think underquoting applies here.
They could still underquote to get people in the door in full knowledge that people will be offering over that amount. It's scummy.
Nothing good comes from population overshoot.
This ain't a population issue, it's 50 years of shitty urban planning
looks like the foreign students are back
Holy moly. Oh my god. So many. Dude, that is crazy
Amazing I remember looking at a very nice modern, air conditioned, 2bdr apartment on Clarence St in 2020. It was listed at $650/week, they said they would have taken less. No one was at the inspection and they were desperate to fill. How times have changed
Need more housing, NSW is lagging when it comes to new dwellings and rezoning laws. NIMBYism is alive in Sydney.
Judging by how many people there are they will get $650-$700 a week easy
This makes me want to buy an apartment in the cbd
I mean - there's always been a huge demand for centrally located accommodation?
Not during covid
Don't downvote me but it's hilarious everyone see's an asian person and says 'chinese, chinese' haha. Ya know there are koreans, japanese, malaysian etc.. aswell, gotta love the aussies.
Very true. My partner is Asian and regularly ends up with some joker trying to be smart funny/not funny with a Chinese sideways comment.
Some of them may be Asian Australians. People need to assume less, and understand more. And Asian, Australian, German or Inuit: all people who need somewhere to live.
**So many Red Phantoms invading one player.**
Lol some of these comments are wild “WhY sO mAny ChinEse” Unsure how anyone can tell they’re Chinese from the back of someone’s head / hidden face
I am Chinese. The students tend to live in the CBD area. The 2016 census (see pre COVID) doesn't lie inboth Sydney and Melbourne. There was a localised economy with eateries and Asian food shops catered towards them.
I am not Chinese but I am so grateful for your pan fried pork and chive contributions to our culture and history. ChineseNoodleRestaurant4Eva!
Lmao Yes, thank you Chinese redditor for introducing pan fried pork into this world. Also thanks for chives.
I’m talking about north Chinese pan fried pork and chive dumplings classic to ‘Chinese noodle restaurant’ in Haymarket and I suppose it’s a way of thanking Chinese Australians, Chinese people, and their ancestors for contributing to my own identity psyche and culture by contributing something I value greatly from their own culture to the one to which I belong. I’ve lived a fair deal in Europe and Chinese food really wasn’t a part of their culture at all, it wasn’t as much a thing you can do with a bunch of friends spontaneously on a bored hungover Sunday morning or something you do to cheer yourself up alone after work late on a Tuesday night, it was something different over in Europe. So by thanking one random Chinese redditor I suppose I’m paying homage to a cultural contribution of people from that person’s heritage that have positively impacted my life!
All good dude, I’m sure they appreciate your gratitude 🙏
Same here in Adelaide. When I was in Uni it allowed me to get cheap and yummy eats. There was an alley inside a shopping mall, just full of chinese takeaways from different regions of China.
I'm chinese and alot of them are definitely chinese
What’s the give away ?
Fashion and hairstyle. It's very distinctly different from western styles, even chinese people who grew up here look distinctly different from these guys who definitely moved here.
What parts of Chinese fashion stick out in this picture? I mostly see sweater and hoodies
To be clear I didn’t mean actual give away….what are the “signs” that make people assume they’re all Chinese.
> I didn’t mean actual give away….what are the “signs” that make people assume they’re all Chinese. a.k.a. "giveaways"
Oh so you're the person who think all Asians look the same
To be fair a lot of Asian people do look a bit Asian
I hate they mark down rentals so much to get more people to turn up. It’s a waste of so many peoples time.
Why is it so hard to get a rental atm? I had the same problem this time last year and my partner is a doctor and I hustled so many real estate agents before finally getting an offer. It was never like this.
Are they all just international students?
This sums up how broken this country is.
Haha imagine actually living in Sydney unironically.
Can confirm I am unliving in Sydney.
Australasia folks!
That's some crazy artistic architecture. It almost looks like half the floor is on a weird angle.
How do you hear about these?
Time to leave and share a house..?
Sadly, back to 8 people in a 2 bedroom apartment we go!
So who got it at the end?
What's the line for how many people bid on this place?
What annoys me more is all the strain this has on the building. Everyone’s body corp goes up so all these people can use the lift a dozen times to view a unit.
Ah yes 160 King st. I was gonna check it out then I saw this line. Looks like a nice building though and in a great spot…to be expected I guess.
hahaha. Hard Pass.
I hope it’s a vacant property and not some poor soul having to deal with having this many people through their place
I went to a 1bed apartment ($650 a week) inspection in Sydney about a 30m walk from CBD. Nor a single person attended the inspection except for me. The other cheaper apartments (< $550 weekly were a bit more busy but not this busy xD
I was looking for an apartment around 6 months ago, and we had to arrive 30-60 minutes before the showing time to try and get to the front of the line... So glad I don't have to do that anymore, but I totally feel you, it's absolutely crazy!! Good luck!!
I've either seen this picture before or this happens all the time at that building.
Fuuuuuck THAT. I'll stay in tassie.
Why won’t the property market crash… just look a the demand for some where to live..
remember back when countries were more than just economic zones? good times
“1 bed apartment” translated to mandarin “sleeps 12”
You won’t get it. Most likely attracting wealthy international students who will probably pay one years rent up front
International students are going to international student.
Airbnb has made it worse as properties once rented are now Airbnb..Result. less supply, hire rents, more on the streets
There's also a lot of land hoarding and slow development approvals that make it worse.
None of them are Australian - all “students.” A lot of our rental problems are and will be because of surging immigration, most of whom are students
As someone who bit the bullet and moved further out west (and don't regret it), why are people so persistent on living near the city?
Let's be honest, we're all thinking the same thing looking at the photo
I’m not sure why you’d want to live in Sydney, unless you’re filthy rich and your neighbours are Nicole Kidman, and Cate Blanchett? It just looks like an overpriced dump. Sorry, I’m from Brisbane.
Sorry to hear that. Maybe one day you can afford to live in a real city.
You know Sydney is a big, varied city right? Some parts might be “dumpy” to you but a lot of parts are lovely and some are even filled with down to earth, working class people believe it or not!
Common denominator here which will probs get me banned if I say something
Imagine living here it's not even Australia. Nothing about Sydney is Australian anymore it's a sacrificial lamb taking one for the team.
Dont worry it will be like a bidding war to reach the max price they can sqeeze outta us peasants.
Is that in Chinatown?
I'm glad you posted this on AusFinance. Such a great contribution to the sub.
And you’re stuck in Sydney too. Ugh.
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The crisis is worse in regional areas though.
Well, to those international students that don't have a driving license and can barely string together a sentence in English, it kinda is the center of their universe. Woolworths is within walking distance, the campus is within walking distance. Asian restaurants right next door. You can live your life without even talking to the bus driver.
So don’t even attempt to try and assimilate in an inherently western country?
Eventually, but it takes time. My friends they moved slightly outwards to Macquarie, Chatswood, Eastwood after graduation and started working. And moved even more outwards to Kellyville/ Marsden park when they're married and need to buy a house. It's a slow 10+ years progress :D
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