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Comes down to 6 of one and half a dozen of the other. No loss no gain.
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Housing rental prices and inflation. No problems here. All we need to do is excise any conscience from estate agents and allow the market free reign to dictate how much a place can be rented for.
So one starts with a "suggested" rent and then because there are plenty of desperate people you finally get the most desperate person to sign up.
After this exercise of course any Real Estate agent worth his/her (non existent ) soul can use the benchmark for the next rental property they have to offer. Even better of course if they can tip someone out and relet the place for a couple of hundred dollars more than previously (which is exactly what happened here)
I wonder when the karma bus will start circling these agents ?
Michael McGowan
@mmcgowan
Sun 5 Mar 2023 06.00 AEDTLast modified on Sun 5 Mar 2023 09.10 AEDT
Real estate company Viewey wrote to its mailing list last week about an apartment in inner Sydney that had just been let for $175 above the original asking price.
Despite “very recently” being leased for only $600, the one-bedroom apartment in Camperdown had been listed for $650. After only one viewing, the agency wrote, it decided to bump up the asking price to $675.
By last weekend, the company says it received 31 applications from would-be tenants. On Tuesday, it received an offer of $825.
“So you’ve heard the rental market is hot at the moment … But how hot is it exactly?” the company said in its email.
“This is only one example of many.”
www.theguardian.com
So one starts with a "suggested" rent and then because there are plenty of desperate people you finally get the most desperate person to sign up.
After this exercise of course any Real Estate agent worth his/her (non existent ) soul can use the benchmark for the next rental property they have to offer. Even better of course if they can tip someone out and relet the place for a couple of hundred dollars more than previously (which is exactly what happened here)
I wonder when the karma bus will start circling these agents ?
Rent bidding is still the curse of Sydney tenants despite new laws. How can it be stopped?
The Coalition and Labor are talking tough on agents, but aren’t moving to ban unsolicited offers- Follow our Australia news live blog for the latest updates
- Get our morning and afternoon news emails, free app or daily news podcast
Michael McGowan
@mmcgowan
Sun 5 Mar 2023 06.00 AEDTLast modified on Sun 5 Mar 2023 09.10 AEDT
Real estate company Viewey wrote to its mailing list last week about an apartment in inner Sydney that had just been let for $175 above the original asking price.
Despite “very recently” being leased for only $600, the one-bedroom apartment in Camperdown had been listed for $650. After only one viewing, the agency wrote, it decided to bump up the asking price to $675.
By last weekend, the company says it received 31 applications from would-be tenants. On Tuesday, it received an offer of $825.
“So you’ve heard the rental market is hot at the moment … But how hot is it exactly?” the company said in its email.
“This is only one example of many.”
Rent bidding is still the curse of Sydney tenants despite new laws. How can it be stopped?
The Coalition and Labor are talking tough on agents, but aren’t moving to ban unsolicited offers
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Personally, I think it serves the silly buggers right for wanting to live in Sydney or Melbourne.Housing rental prices and inflation. No problems here. All we need to do is excise any conscience from estate agents and allow the market free reign to dictate how much a place can be rented for.
So one starts with a "suggested" rent and then because there are plenty of desperate people you finally get the most desperate person to sign up.
After this exercise of course any Real Estate agent worth his/her (non existent ) soul can use the benchmark for the next rental property they have to offer. Even better of course if they can tip someone out and relet the place for a couple of hundred dollars more than previously (which is exactly what happened here)
I wonder when the karma bus will start circling these agents ?
Rent bidding is still the curse of Sydney tenants despite new laws. How can it be stopped?
The Coalition and Labor are talking tough on agents, but aren’t moving to ban unsolicited offers
- Follow our Australia news live blog for the latest updates
- Get our morning and afternoon news emails, free app or daily news podcast
View attachment 153938
Michael McGowan
@mmcgowan
Sun 5 Mar 2023 06.00 AEDTLast modified on Sun 5 Mar 2023 09.10 AEDT
Real estate company Viewey wrote to its mailing list last week about an apartment in inner Sydney that had just been let for $175 above the original asking price.
Despite “very recently” being leased for only $600, the one-bedroom apartment in Camperdown had been listed for $650. After only one viewing, the agency wrote, it decided to bump up the asking price to $675.
By last weekend, the company says it received 31 applications from would-be tenants. On Tuesday, it received an offer of $825.
“So you’ve heard the rental market is hot at the moment … But how hot is it exactly?” the company said in its email.
“This is only one example of many.”
Rent bidding is still the curse of Sydney tenants despite new laws. How can it be stopped?
The Coalition and Labor are talking tough on agents, but aren’t moving to ban unsolicited offers
Mick
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Really ? Should they just pack their bags, leave their jobs and go bush ? And how would having a few thousand refugees from the city affect country rents ? Easy to find out Mick.
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We have already had a few thousand refugees.
The Italians came after the war to work in cane fields and then the Turks came to join the Italians in growing Tomatoes, the Albanians came to run orchards, Sudanese, Congolese, Iranian, Iraqi and many other refugee nationalities end up in areas other than Sydney or Melbourne.
They run restaurants, work for the local council, drive delivery vans etc.
Seasonal workers from Vanuatu, Solomons, PNG Tonga and other countries head to the regional areas for AG jobs.
The latest development in our local town allows people to buy a house and land package for under 600k.
You would be lucky to buy a garage for that much in the Cities.
And there is no lack of jobs in regional areas.
Mick
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well i haven't been to Melbourne , but completely agree on Sydney ( i can barely stand visiting the place )
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the bush isn't so bad ,
sure there is a trade-off venomous snakes , offset the mugger problem
the old camp-fire is as entertaining as modern TV
bush-fires offset police raids and sewerage back-flows
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Whats the offset for a dingo stole my baby?
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I've lived in cities, large rural towns, country properties. Yep each has their own pluses and minuses. Many, many people have made the decision to go rural in the past few years. As I said the immediate impact of those people is a steep increase in the cost of rural properties a buyers with city money enter country towns with rural prices.
But frankly that has zilch to do with the situation of estate agents driving up the price of rental properties by encouraging people to outbid each other. And then using that price as a benchmark for the next rental. That is just capitalism gone feral.
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From SMH
and again SMH
No its FOMO gone feral.
Why do people insist that they have to live in inner city areas?
Is it the restaurants, the night life, the "vibe"?
It is the same reason why the North Shore in Sydney or Toorak in Melbourne houses are ridiculously expensive.
Demand for an area to live in creates the market, but there would be no demand without the sheep.
Real estate agents, like financial advisers, bankers, lawyers, mechanics, builders etc etc are all in business to make money, and they will maximise their chances of doing so. And if you want to put the blame on someone, put it on the owners of the propertie being rented, they make the money, the agents are merely the medium.
Mick
over9k
So I didn't tell my wife, but I...
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Close the border and everything the real estate agents are doing becomes impossible
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As much as I love to jump on the real estate agent bashing bandwagon, they are receiving way too much credit and are definitely not capable of manipulating a market into the frenzy that it is.
The fact that rental bidding is even viable, with examples of 20+% increaes, is a reflection of how much cash here must be out there. I can't blame a landlord for wanting to capture that.
If anything, it's more evidence that the availability of money is/was too easy and is supportive of further tightening.
The fact that rental bidding is even viable, with examples of 20+% increaes, is a reflection of how much cash here must be out there. I can't blame a landlord for wanting to capture that.
If anything, it's more evidence that the availability of money is/was too easy and is supportive of further tightening.
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Not to sure if rent bidding is alive and well here in WA. We have an empty 4brm home here on the farm, but are reluctant to re lease it after the last tenant. Local agents know its emply and we are always gettings flyers in the mail box wanting us to list it.
But if people over East can afford 15-20% over the asking price then the market sets the price. I do feel sorry for those on low incomes where there limited supply of dollars can't match the high flyers.
Obviously the highr the rent, great for the owners and the agents percentage take goe up as well., @ wins and a perhaps loss for the renter. Isn't always a case of what goes must come down. That only happens with cattle/sheep prices.
over9k
So I didn't tell my wife, but I...
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Got a higher res shot of this for anyone that cares/needs it:
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I believe the process forcing rents up has far more to do with the creative pressure from real estate agents than much else.
From my observations with friends looking for housing the process is as follows.
1) Applicants have to register all their details with agents before the can even see a place. All ID. Job details bank details, references have to be provided in advance of even seeing a place.
2) Many, many people queue up to see the place. Given that they have all the id and references bank details there is almost zilch reason not to find an appropriate person.
3) But they don't chose someone - yet. They wait, They wait for desperation. They wait for people to offer more. The unspoken expectation is "How can we find the most desperate person to offer more more money, 3 months rent in advance ?" It's not that there isn't a perfectly suitable applicant amongst the 20 people who have already applied. It is just exploiting desperation.
After all if one is on a plane with falling cabin pressure and there are 10 less respirators than people how much will people bid for air ?
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o
Most probably true but very sad scenario
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Emphasis mine.
I see more problems related to this.
ID theft and security is one and needs no further explanation.
The big one though is simply that life has taught me many times that job details and references mean somewhat less than nothing when it comes to the individual, how they behave, their ability to pay and so on.
Suppose that someone's worth a few $ million but for whatever reason needs to rent a place to live. A self-made millionaire so clearly they're no fool and they can afford the rent. But ask about their job and the answer, technically, may well be "unemployed" since they've no need to keep working. Ask for a reference and as an introvert who doesn't know many people they're left pondering who they'd ask to write them one?
Meanwhile there's someone with a respectable sounding job title that's really just some fancy words, they're practically broke, can't manage finances if their life depends on it, has a party at home every weekend but they're armed with a reference written by a mate and that's who gets the property.
Landlords and tenants are both losing from this system. Decent tenants who can't get anywhere to live and landlords who can't find a decent tenant who doesn't trash the place.
over9k
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As I said previously guys, immigration is the cause of this because sydney IS the main port of entry.
Have a look at, say, airlie beach
where nobody is migrating to and homeowners (sellers) are absolutely shitting themselves right now.
It's a very simple immigration driven artificial supply/demand imbalance.
Have a look at, say, airlie beach
where nobody is migrating to and homeowners (sellers) are absolutely shitting themselves right now. It's a very simple immigration driven artificial supply/demand imbalance.
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Not at all, you probably have room, extend the hand of generosity?
Bas you are a person looking for a cause, you were going ape about E.V's I bet even now you don't have one, you go mental about the plight of the homeless, how many are you giving refuge to?
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