Thursday, December 1 2022

Images posted on social media have revealed the heartbreaking reality of Sydney’s housing crisis.

When a two-bedroom unit was opened for inspection in Clovelly, Sydney’s eastern suburbs, on Saturday, a mind-boggling number of people lined up to check it out.

The line snaked around the main entrance to the ground floor apartment and continued along several nearby houses, many of those waiting appearing to be young people in their twenties.

ABC reporter Nick Sas uploaded the video to Twitter, writing: “How’s the search for a rental in Sydney going?

“I just saw nearly 100 people inspecting a $700pw 2 bedroom apartment in Clovelly.”

He continued in another tweet: “To highlight the rent-to-buy difference in Sydney at the moment, down the street I counted eight people inspecting this 2-bedroom flat (for purchase). The agent was burning a jasmine candle and playing John Legend (I believe) on a small speaker.

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The unit has been freshly painted, has a balcony, internal laundry and is located in a block of four.

It’s also described as “art deco,” with high ceilings, built-in wardrobes, and a “perfect blend of beach appeal and village convenience.”

A month ago, a similarly sized crowd was spotted queuing to inspect a unit in the nearby suburb of Bondi, with onlookers describing the experience ‘like queuing to get into a nightclub’.

It comes as new data indicates that Sydney rental prices soarleaving potential tenants unable to settle in the market.

The September PropTrack Market Insights report found that the share of properties on for rent for less than $400 per week fell to a record low of 10.6% last month.

This is a drop of almost 50%, compared to 20.1% at the start of the Covid-19 pandemic.

PropTrack director of economic research and report author Cameron Kusher said that as rental stress increases, the number of listings under $400 per week will decline in 2023.

“Much of this rental stress is a byproduct of rental supply remaining the same as well as rapidly rising interest rates,” Kusher said.

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