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I received a portentous email from my real estate agent yesterday

- We have a 1 bedroom, 1 bathroom, 1 car bay, ground floor property coming available at 64 Spencer Ave around 23/24 December at $400.00 per week.

Why is this portentous you ask?
The unit is owned by the gentleman who owns the one I am renting. (He built and owns 124 similar units)
The one for rent is in a block of units about 100 metres down the road.
The unit is exactly the same as mine.
I am currently paying $350 a week. The rent will go up in May, and this offering shows that my rent might rise to $400 a week.
There is the possibility the empty unit might have been refurbished, hence the higher price.
I have been in this unit for 11 years and only the hot water unit has replaced.

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DeWayfarer · 61-69, M

I'm sure glad we don't have to pay by the week. Yet we do have a initial 1 year lease contract before it goes month to month. Rent is the same amount as your new place yet the owners usually up the rent yearly as allowed by local laws.

My place is likely the same size as yours. Approximately 400 square feet. And definitely the same number of rooms and on the ground. Parking on the lot yet not a covered carport.

Gusman · 61-69, M

@DeWayfarer I am staying where I am. The $400/week is for a newly vacated place the agent is offering to tenants should someone want to move.
I make $700 fortnightly payments via direct debit.

whowasthatmaskedman · 70-79, M

I am familiar with how rentals are behaving in Oz right now, as you are. I get the feeling you arent planning to move..😷

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OriginalNedKelly · M

@whowasthatmaskedman Yes, the young girl does have a disability, and her grandparents live about 15 mins way - I took a chance and advertised on Facebook, the previous girl was a single mother and it was my son in law told her - just be careful as we still have keys but never enter at all

whowasthatmaskedman · 70-79, M

@OriginalNedKelly Its only an idea yet. The money isnt the thing.It would just be nice to know the place isnt empty.😷

OriginalNedKelly · M

@whowasthatmaskedman A little bit helps these mothers

meggie · F

Sometimes if ypu gave a good long term tenant you want to keep them. So he may not put your rent up.

Gusman · 61-69, M

@meggie Last time the rent rose it was a blanket rise for all units. 🙁
If I was to leave, then my place would be taken immediately because of the real scarcity of available rents.

Gusman · 61-69, M

Unit was advertised on the Monday 15th, now leased, on Thursday.
Does not take long in the current market.

whowasthatmaskedman · 70-79, M

@Gusman Vacancy rates are very low everywhere..😷

OriginalNedKelly · M

@Gusman Were you lucky to sign the lease?

Gusman · 61-69, M

@OriginalNedKelly The lease was offered but I am staying where I am at $350.

hunkalove · 70-79, M

$1600 a month is what I paid last year.

Lilymoon · F

That's pretty cheap compared to the rents here

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ninalanyon · 61-69, T

@Gusman What is stopping people building more houses? Surely high rents in a market economy with a low population density should stimulate house building.

Gusman · 61-69, M

@ninalanyon Not enough tradesmen, poor planning approval rates (red tape) with government not seeming to care enough to remove obstacles.
High material costs, not enough land being released (more red tape)
This scarcity has been building for decades and both sides of politics are to blame.
Mongrels the lot of them.
Government says - How can we fix this problem? Of course, let's bring in another half a million people, they can build the houses...

Gusman · 61-69, M

@ninalanyon I forgot to mention another reason there are not enough places to live.
NIMBY, Too many residents do not want social housing, high rise buildings in their neighbourhood.
"Social Housing attracts undesirable tenants. Lowers the resale value of their homes.
High rises "overlook" my place, cast shadows.
The sad part about all this is that local governments listen to these selfish people so those much need places do not get built.

FreddieUK · 70-79, M

The cost and supply of decent housing seems to be an issue in most parts of the world. 😕

whowasthatmaskedman · 70-79, M

@FreddieUK In our country, the housing supply was always fragile. However, Covid and its lockdowns disrupted the supply chain from builders to bricks, timber and fittings. Cutting supply and pushing prices up in a spiral. The shortage persists as some retail builders and commercial property developers suffer financial stress and go bankrupt, reducing supply..😷

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