As I have written in the last post, I have recently moved house. The couple that I was living with wanted to get their own house togeather and I was ready to move to an older house where I can build engines and partake in other messy persuits without worrying about making a brand new house dirty.
Luckily I found an old friend who has the perfect place, and I am comfortably in there now. My friends that I used to live with are having nothing but trouble finding a place. The market is crazy, and there are simply more people trying to rent than there are houses. Real Estate agents are flat out and most houses are taken the day they are first expected (as ours was) with about eight applicants.
Unfortunately, this makes things difficult for young people, as the houses tend to go to middle aged couples with families, as you would expect. I know if I had a house to rent out, I would be going with the middle aged couple rather than the young people.
When I took out the lease on the last house, the rental market was similarly heated, as Bob Carr had just brought in land tax changes which was forcing many owners to sell their investment properties. This caused many tennants to be displaced at the end of their leases, as happened to us. It seems that the recent downturn in the Sydney property market and reviews to the tax scheme have done little to change the situation.
Part of the problem is the fact that for most middle income earners, especially younger people, it is simply out of the question to purchase any kind of residence in Sydney. This means EVERYONE has to rent.
I'm hoping my friends can find a place, I'm helping them any way I can, because I know they are good tennants. I also hope the rental market in Sydney becomes more balanced because there must be a lot of people at the moment going through major stress trying to find rental accomodation.
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