The rental shortage is so dire a generous father has bought a house for his three kids to share after they couldn’t find another one on offer.
A three-bedroom, three-bathroom terrace house at 89 Underwood Street, Paddington in Sydney‘s inner south east was sold before auction for $3.81million last week after being on the market for almost a month.
The house was snapped by the father whose three children, two sons and a daughter all in their 20s, had been fruitlessly searching for a rental property in the same area,a representative of PPD Real Estate told the Australian Financial Review.
‘There’s a terrible shortage of rental properties. A father decided – he had two sons and a daughter, all in their 20s – because nobody would rent to them in Paddington, he said, “I’ll buy you a house”. They’re all moving in. That’s their new share house.’
A father has bought his kids a $3.81 million property in Sydney (pictured) to have as a sharehouse when they couldn’t find a rental
The property (pictured) in the inner south east Sydney suburb of Paddington was sold before auction
According to the listing the three-level three level 197sqm property offered ‘a lush north-east facing garden and private sunny lawn offering a blissful retreat from the fast pace of city living’ but did not include off-street parking.
The massive shortfall of rental properties around Australia is being reflected in monster lines for inspections and heart-breaking stories of families being left without a permanent roof over their head.
Ciara O’Loughlin, who moved from Dublin to Sydney in January told Daily Mail Australia at each of the 12 properties she inspected in the city’s eastern suburbs there had been queues of up to 150 people.
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‘What I’ve heard is people are offering over the asking rent to secure a place so it’s very competitive,’ Ms O’Loughlin said.
The hunt for rental properties across the nation has become a ritual heartbreak for many people (stock image pictured)
The enormous lines of renters were seen in a TikTok she shared, with dozens of people filmed waiting on the pavement outside several apartment blocks or crammed into corridors outside units.
Similar scenes can be seen in other state capitals such as Perth where the Real Estate Institute of WA revealed the city’s rental vacancy rate fell to its lowest level since records began in December, at just 0.6 per cent.
Nationwide the rental crisis is so dire official records show no comparable shortage of available tenancies since the 1930s, when Australia like much of the world was sunk in the economic gloom Great Depression.
Ciara O’Loughlin filmed an insane line of prospective renters waiting outside an apartment inspection in the eastern Sydney suburb of Randwick in January
‘We really have to go back and look at periods like the Great Depression to find comparable situations for renters in Australia at the moment,’ NSW Tenants Union CEO Patterson Ross said.
‘Obviously we’re not in the Great Depression. But we we have to go back that far because we haven’t seen this kind of widespread general experience of the system going wrong.
‘We haven’t seen such low vacancy rates where people are very worried, very distressed about their chances of being housed in the coming weeks or months.’
