200+ Queue to Inspect Stanmore Rental

Butter and biscuits! Is the beast back stronger than before?!

200 People Queue Up the Streets for 1 Property Viewing

 

I'm probably on the lowest point of Maslow's hierarchy of wants and needs, but i'm happy buying my place for less than a third of that weekly rental per week off my mortgage, and living about the same distance drive to my work and amenities in Geelong.

There must be a lot of very high paying jobs in Sydney to support the prices of housing there.

 

If the queue to inspect was that long, would you fancy your chances of securing the unit or just move on to the next property?

I've got better things to do with my time.

(Hint to renters, if 200 people are at this open they're not at the others).

@Dave3214 - if you've satisfied safety, shelter, food you're pretty high up in the pyramid. The only thing left is emotional satisfaction.

 

Holy hamburgers!

And it isn't even Bondi or any Sydney beach/coastal area!

I guess $860 a week ia cheap for a terrace in the inner west? My guess is it'll actually rent for around $920pw after it gets bidded-up.

I have a similar mindset to you, Dave1234. I've lived and worked in Sydney all my life but am now starting to make plans with my partner for an exit hopefully in the next 5 or so years.

I'll still hold all of the portfolio assets I have here, but won't want/need to live here full time by then (well, thats the plan anyway!)

 

To move into your Salisbury property?

 

Maybe everything else has been Airbnb'ed therefore shortage of normal rentals? I've had people moving to Sydney stay in mine to find a place to rent. Occasionally I get the odd request to ask if I am willing to turn a property into a long term rental for them.

 

I'm sure you'd be happy to if they stayed on AirBnB rates...

 

Definitely not the the case everywhere in Sydney at the moment. The market is always fares better in the inner west this time of year due to uni students flooding back etc but I'm kind of surprised actually, as I don't get the impression the rental market is anywhere near 'heated'.

 

Thats crazy. A terrace in stanmore will usually have a high demand profile, but 200 people! Wow. From the photos, looks like a lot of young people. Perhaps its reflective of a low level of stock in Jan.

In terms of affordability, plenty of young uni/worker sharers in the inner west area - a bedroom costs around $300 p/w.

 

Inner West + low stock = this.

 

Uni starts back up soon, so cashed up international students need to find a place before semester starts. This would probably be walking distance to Sydney Uni, and short bus/train to UTS.
This would also be combined with working professionals wanting to be close to the city.
January/February is the worst possible time to try find a rental in this area. When I used to rent in the inner west, I always avoided changing houses in Jan/Feb.

 

Holy Moly, what's going on?????

 

I'm seeing tenant queues in the Inner West on Wednesdays and Saturdays. Often around a dozen people, occasionally up to 20. I haven't seen a really long one since the last big boom.

 

Those that have only been investing since the recent boom may not remember the rental crisis of 2007-2009 where there was huge demand and not much stock, with queues down the street.

Demand drove rents up, and access to credit once lending restrictions eased post GFC meant investors piled in chasing the yields (anyone buying in western sydney from 2010-2013 remembers this bit). Rental shortage became rental surplus, rents dropped, yields dropped way down due to the boom prices vs new lower rent.

 

Don't understand this, if you have 200 people at an open then surely the letting agent hasn't priced the rent according to the market demand?

 

Yep. The agent slipped up. But they would have got more than $860 per week. There would have been some bidding from keen tenants. I would expect over $1,000 i.e. $350 per bedroom.

 

Sydney's insane - 200 ppl at an open house for a rental is crazy!

Go further south people - Canberra's where it's at Bugger all traffic, plenty of work and decent properties to choose from. You can drive 3 hours north to get your Syd fix whenever the need arises.

Cheers

Jamie

 

Or just charter a chopper and say it was "official business"

 

@D.T. lol no, I won't be making Salisbury my PPOR.

I don't know where the place will be yet. But one thing is for sure; it will be somewhere lifestyle-driven (not employment-prospects-driven because all things going well i'll be semi-retired from full time work by then so won't need 6-figure job prospects).

One thing is for sure, I wont be moving anywhere that features 200+ rental queues for basic properties!

 

Sad to see so many Sydney residents suffering from the property version of Stockholm syndrome, conditioned to celebrate or at least partly take some good out of outrageous nonsense like this, when in many parts ofAustralia you would rent a far superiority property or in a far superior location or both, for similar money, while earning similar incomes.

Heck you can rent a 3x2 HOUSE in the same suburb good enough for Gina, Chris Ellison, Bondy in the past etc, to rest their weary heads, for the same price as a meh home in a meh part of inner west Sydney.

This is meant to be good for the city overall and its residents how?