sydney‘s insane rental market is back in the limelight with shocking footage of hundreds of potential tenants lining the city’s streets.
Ciara O’Loughlin moved from Dublin to Sydney last week and spent the weekend inspecting 12 properties around Randwick and Coogee in the city’s eastern suburbs.
But when she and her friend arrived for inspection, they encountered a huge line of fellow applicants stretching around the block.
O’Loughlin said each of the 12 units had a “considerable” line of people waiting outside, but added the apartment was “pretty decent”.
“I think the longest line was between 100 and 150 people,” she told Daily Mail Australia.
Ciara O’Loughlin captured the insane queue of potential renters waiting outside the inspection of her Randwick apartment on Saturday
A young woman said there were 150 people waiting to enter a unit in Sydney’s eastern suburbs.
A huge line of Sydney Cider is seen lining up to inspect Randwick’s apartment
“But we didn’t really wait that long. People were literally in and out in two minutes, so I think the longest wait was 20 minutes.”
She and her friends had each applied for apartments, but they weren’t very confident, she said.
“From what I’ve heard, it’s very competitive because people are offering more than the offered rent to secure a place.
A TikTok she shared this week showed huge lines of renters, with countless people filmed waiting on the sidewalk outside some apartment buildings.
More footage shows a similar line seen inside the unit complex, with dozens of applicants waiting to hang out in shared corridors.
Another Sydneysider and former real estate agent, Danny Da Rocha, 29, was on Zetland’s list on Saturday, saying he was one of about 70 people looking to inspect the two-bedroom apartment. Guessed.
Da Rocha said the situation in the rental market was “shocking” (pictured is the line outside Zetland’s apartment inspection).
Another Sydneysider and former real estate agent, Danny Da Rocha, 29, was on Zetland’s list on Saturday, saying he was one of about 70 people looking to inspect the two-bedroom apartment. Guessed.
“The line was out the door, about 30 people when we arrived, but then more and more people came,” he said, showing footage of the inspection. tick tock.
The apartment was priced at $800, but Da Rocha, who now works as a DJ, said he would only pay around $650.
“It definitely wasn’t worth it.
The 29-year-old, who has worked in the real estate industry for a year, said the state of the rental market was “shocking.”
“I think the best advice is to understand the market well, get in early and keep applying,” he said.
“Check the rooms in all areas. I noticed that Zetland offers smaller rooms.”
Australia’s rental crisis is so severe that official records show no shortage of available rental properties since the Great Depression, housing experts said.
A two-bedroom apartment in Zetland was $800.
Da Rocha said there is a sand hole under the unit block that will be developed soon
House prices in Sydney are expected to rise 8-12% this year if rate hikes are paused, with Melbourne up to 6% and Perth up to 13%.
Leo Patterson Ross, CEO of the New South Wales Tenants Association, said the broader economic picture was very different 90 years ago, but the Great Depression reference was applicable as rent prices soared. Said there was.
“We need to look back at times like the Great Depression and find a situation that is comparable to current Australian renters,” said Patterson Ross.
“Obviously, we are not in the Great Depression. .
“I’ve never seen vacancy rates so low and people so worried and so distressed about their chances of being able to move in within the next few weeks or months.”