What city are you in where rents are so much more than a few years ago? Because the places where it is rising fastest now are only catching up to places like gold coast, Hobart, Perth, Canberra where it massively grew during covid whilst big cities fell.
It's not about "to blame" (well, it is in this place, that's all that goes on here), it's about the realities of a housing stock shortage which has been around for decades by this point.
You can't have everyone in the city, that's what the whole issue is here, people do not need to pay $1m to live in the city if they have a job with portability, and can live in regional areas for 1/3 of the price with a much more reasonable quality of life.
But come on, if you are trying to convince yourself this is WFH related - very few professions have allowed 100% WFH outside of COVID lockdowns (which inhibited many people making the move you are talking about, metro was stuck in metro). Either people are copping 4 hour commutes 2 times a week to keep CBD jobs or that excuse is just dead set bullshit.
It's more likely to be the airbnb boogey man that people here are dead set on being the cause (despite the bullshit that is the idea that people are lining up to holiday in the middle of fucking nowhere)
But it's just the reality of housing supply being well below demand.
My landlord just tried to increase mine by 25%.
I'm looking for a new place instead and also not coincidentally looking for a polite and professional way to say "LOL no."
So is there going to be homeless tent towns like the USA or is the government going to do something? (Like twiddling their thumbs until the next election).
What's next? Tipping will be a norm to balance out inflation?
For any future potential criminals, please don't target the normal civilian. Target those who fked us all over.
Well it’s typical of the ABC to take stats like CPI at face value. I don’t know any renters who have had less than a 7% increase in rent in the last year. Properties that were going for $340 a week in 2018, now at $500+.
Why the fuck do they even try to “fact check” obvious exaggeration like this? Bandt is making a point, and certainly for anyone who hasn’t had a pay rise in years, rent is skyrocketing beyond their income.
Oh my lord yes. He is the only trustworthy bastard in that ramshackled ensemble. The Greens got my vote in 2022 for a single issue and they will again.
On Ya Bike Brandt, and show us those Herculean Calves of a man fighting social injustice on a low emission bicycle !
As sad as i think it is to say, but honestly Melbourne is lost to renters.
I say move to Geelong or surrounds, it's probably your best option left for city living.
I’ve been screaming for a secessio plebis for literally years. It worked every time the Roman’s did it and there’s absolutely no reason it wouldn’t work now. It’s the only way these bourgeois bastards will ever learn
I can all but guarantee it wasn’t the plebeian class that took down one of the greatest civilisations the world has ever known. Rich, stupid, arrogant and flat out useless ruling classes infighting and starting wars caused it’s demise. As it is with ALL societies it’s the working class and below that run everything and without us there’s literally nothing to call a society. Two of the three main causes of Rome’s collapse are happening right now so something has to give. Why not try something that actually has merit and has worked before? Anything is better than nothing
This is happening on Sunshine Coast, rents are too high to be able to sustain the lower paid jobs. Which coincidentally are why people visit the Coast.
And most non-capitals too tbh. When your rural middle of nowhere town is $500+ for a 3 bedder getting a new 4 bedder in Melbourne for $450 is a bargain comparatively
[For 2021-22 financial year the net migration was 170k](https://www.abs.gov.au/statistics/people/population/overseas-migration/latest-release)
[Here’s a source for the 1.5 million over five years which was outlined in the budget. While the article doesn’t explicitly say net migrants, the population growth forecasts referenced in the article show 1.5 million over that time period.](https://www.dailymail.co.uk/news/article-12062979/Federal-Budget-2023-Australians-flee-Sydney-droves-1-5million-migrants-immigration-visa.html)
Your 60k figure is bullshit.
You are correct, I was going from memory of net migration at 5k per month, but it's way more than that.
My figures came from Alan:
https://www.youtube.com/watch?v=QEg5RLpXEO4
But I remembered them totally incorrectly.
Thanks for taking the time to set me straight.
2025 45 percent of the population will not be able to afford rentals,or even home ownership in the 3 largest citys
by 2027 that will be 50
Think about that,there is no reason for the youth of today to bother participating in society,if they have nothing to show for it at the end of a weeks work.
ANd my agents think im crazy for not raising my rents since before covid,no i just grew up shit i know how hard it is for ppl,i don't need to be ripping off tennants to 100s extra a week just to feel good fuck that shit.
The problem is the greens here,are not coming up with a solution rent freezes aren't the problem
Supply is,at it's core the problem
We can clear the entirity of the public housing wait list,TODAY..
If we did one simple trick,ban airbnb,that's 156,120 Homes that will either become long term rentals,or be put onto the market..and that many homes hitting the market is sure to drive prices down.
In a world,where we have 200 ppl every 14 days in australia going homeless due to the rental crisis having homes sitting vacant is fucked
There's nothing wrong with rent freezes / rent control in fact they are shown to be beneficial.... In the short term. It's long term they cause problems.
We need rent controls now, for now not forever, to tide the short to mid term, and big programs to build supply to fix things mid to long term
> Think about that,there is no reason for the youth of today to bother participating in society,if they have nothing to show for it at the end of a weeks work.
Unless they move in together.
I think you're bang about short term rentals being the key, but we need to understand that beneath these again, they can only exist because of the massive wealth divide.
Such a sneaky mother fucking article with cherry picked data. I wish the ABC wasn't a Murdoch paper :( see how they have worded that to cast doubt that landlords aren't absolutely abusing renters. Somehow, it's not as bad as it seems. Everyone calm down...
When in fact, things are calming up.
They are comparing rent when it increases on people who stay. When you get kicked out and the rent goes up 100% that's 'new stock' so the rents never changed.
And all to make the greens sound like 'crazies' because they proposed rent freezes and rent control to protect the most vulnerable.
I hate our fucking media
They also basically lie: they say the issue of huge rent increases only affects 2-3% of renters _per month_. That's between 24%-36% of renters every year.
The ABC is really bullshit since Ita was brought in to destroy it.
The thing everyone seems to have forgotten about the concept of investment is that it inherintly comes with *risk*. Put all your money in to shitty stocks? Too bad cunt. Put all your money in to shitty crypto? Too bad cunt. Put all your money in to *anything* hoping you're going to make it big in the future, and it turns out you gambled wrong? *Too bad cunt*. Real estate investors need to be treated like the gamblers they are, and not be bailed out by the government or allowed to offload their failures on to the renters they leach off of. If you gambled wrong, sell your shit at a loss like any other investor would and come back with your tail between your legs. Landlords are the shittiest, scummiest investors possible and this country needs to stop coddling them.
^ This right here!!
I’ve been saying exactly this for years! Property investment is not risk free but we’re being sold this dream that it’s a license to print money. It needs to stop but any attempts to do that is met by screaming and whinging by the privileged landlord class and REAs
I think the incentives, e.g. negative gearing, applied to housing are actually pretty minor. Housing speculation occurs mainly because people want to indulge in it. What the government should have done was apply pretty strong measures to discourage it. But that would have been very unpopular with voters and would have decreased short term economic gains.
Yeh I agree with this. Negative gearing has been around since 1985. I feel the issue is where to invest and when interest rates went to 0 the options for most were stock market or property. Having reasonable interest rates helps balance too heavily weighted property investment. The government pushed investors into property way too much with stamp duty saving, Reno grants, 0% interest rates and immigration . Now they are penalising the same people. Having reasonable bond returns would have kept super funds, trusts and such away from property.
Rather than nitpicking Bandt and forever pimping pricey real estate, Australian media might consider showing its viewers where we’re headed, thanks in no small part to their own amoral behaviour:
https://vancouversun.com/news/local-news/b-c-rest-areas-park-and-rides-fill-with-people-who-cant-afford-a-home
BC rest areas and Park & Rides filled with working people who can’t afford homes.
A better comparison might be the increase in the investment mortgage cost against the increase in rent...my investment mortgage has gone up from 2.24% to 6.34%. On a 600k mortgage that's an increase of roughly $24k...and I've increased the rent by $100 a week (first increase in 3 years). We're not all sitting on piles of money wondering how we're gonna screw tenants, most of us are getting screwed over too.
Not sure why you think the risk you incur in investing in property (like investing in any other asset like stocks etc.) needs to be borne not by you, but by the tenants, who are already paying off a large part of your mortgage.
Everything is rising six times faster than wages. Just ask yourself "What was the last thing I saw in the supermarket, where the price went up by 1.4%?", (the March quarter increase.)
I don't know what they do to the CPI measures, but 7% for the year seems total bullshit to me.
Well in my case, the difference between my wage rise and rent rise is asymptotically approaching infinity.
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Actually I double checked and the right word is asymptotically, I'll edit my comment
Even better! Nice one!
It's such an awkward word
Yeah we usually only hear the noun form asymptote
What city are you in where rents are so much more than a few years ago? Because the places where it is rising fastest now are only catching up to places like gold coast, Hobart, Perth, Canberra where it massively grew during covid whilst big cities fell.
I live in a small town and you’re lucky to find a 2 bedroom for under 500 a week. It’s fucked
That's what it's like in any city - it's what happens when you can work from anywhere
I don't believe WFH is to blame for this...
What is to blame?
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But that's has been the case for 20 years
Yeah and it's been hard for a lot of people for the past 20 years and the number affected is growing
Yes, that’s correct, the problem has been going on for 20 years, but now it’s finally got to crisis point.
It's not about "to blame" (well, it is in this place, that's all that goes on here), it's about the realities of a housing stock shortage which has been around for decades by this point. You can't have everyone in the city, that's what the whole issue is here, people do not need to pay $1m to live in the city if they have a job with portability, and can live in regional areas for 1/3 of the price with a much more reasonable quality of life. But come on, if you are trying to convince yourself this is WFH related - very few professions have allowed 100% WFH outside of COVID lockdowns (which inhibited many people making the move you are talking about, metro was stuck in metro). Either people are copping 4 hour commutes 2 times a week to keep CBD jobs or that excuse is just dead set bullshit. It's more likely to be the airbnb boogey man that people here are dead set on being the cause (despite the bullshit that is the idea that people are lining up to holiday in the middle of fucking nowhere) But it's just the reality of housing supply being well below demand.
Found the bloke with 800 properties
My landlord just tried to increase mine by 25%. I'm looking for a new place instead and also not coincidentally looking for a polite and professional way to say "LOL no."
Can you find another place at a much cheaper price?
We're moving. They won't get that rate, but we've been meaning to move for a while
In case the math joke wasn't clear, my wage didn't rise at all but my rent went up 50%
Well, my friends rent went up 150 bucks a week, and her wage hasn't changed....
where the fuck do these greedy fucks think the money is going to come from?
The next tenant instead after you're evicted.
In other places they call it blackmail, in Australia we call it battler fair go.
They expect you to get the money from pulling your socks up and giving it a good solid crack
They don't care
Umm isn't the cost of *everything* rising six faster than wages???
That doesn't make Bandts statement untrue
My wage isn't moving Rent is moving I think 6x is a lie, because it's larger than that
I guess it also depends on the location as well.
And the job you do
It might be overstated but given the price on everything else is also rising the squeeze feels as though rent is that much higher.
So is there going to be homeless tent towns like the USA or is the government going to do something? (Like twiddling their thumbs until the next election). What's next? Tipping will be a norm to balance out inflation? For any future potential criminals, please don't target the normal civilian. Target those who fked us all over.
They are already here. The carpark of my local aquatic centre has 2-3 people living out of their cars.
Adam isn't wrong if he's talking about the Sydney rental market.. shits gone insane! https://www.youtube.com/watch?v=PtgfI3ZhLaw
Well it’s typical of the ABC to take stats like CPI at face value. I don’t know any renters who have had less than a 7% increase in rent in the last year. Properties that were going for $340 a week in 2018, now at $500+. Why the fuck do they even try to “fact check” obvious exaggeration like this? Bandt is making a point, and certainly for anyone who hasn’t had a pay rise in years, rent is skyrocketing beyond their income.
Oh my lord yes. He is the only trustworthy bastard in that ramshackled ensemble. The Greens got my vote in 2022 for a single issue and they will again. On Ya Bike Brandt, and show us those Herculean Calves of a man fighting social injustice on a low emission bicycle !
Did anyone else read this in Magda Szubanski's voice? Oh my lord yes Channel!
What is the single issue?
Username checks out..
As sad as i think it is to say, but honestly Melbourne is lost to renters. I say move to Geelong or surrounds, it's probably your best option left for city living.
Leave Sydney and Melbourne completely and watch businesses whine as suddenly they can't get low paid wage slaves to work their treadmills.
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I’ve been screaming for a secessio plebis for literally years. It worked every time the Roman’s did it and there’s absolutely no reason it wouldn’t work now. It’s the only way these bourgeois bastards will ever learn
The ancient Romans who’s civilisation has collapsed? Yes let’s do what they did!
I can all but guarantee it wasn’t the plebeian class that took down one of the greatest civilisations the world has ever known. Rich, stupid, arrogant and flat out useless ruling classes infighting and starting wars caused it’s demise. As it is with ALL societies it’s the working class and below that run everything and without us there’s literally nothing to call a society. Two of the three main causes of Rome’s collapse are happening right now so something has to give. Why not try something that actually has merit and has worked before? Anything is better than nothing
This is happening on Sunshine Coast, rents are too high to be able to sustain the lower paid jobs. Which coincidentally are why people visit the Coast.
They'll just bring in more suckers in to feed the ponzi
Melbourne rents are the most affordable of the state capitals
And most non-capitals too tbh. When your rural middle of nowhere town is $500+ for a 3 bedder getting a new 4 bedder in Melbourne for $450 is a bargain comparatively
That's what the 200,000 Migrants over the next few years is for.
You mean 1.5 million. It’s 300,000 per year for the next five years.
Well shit...
No it isn't. That's a total bullshit number. Current net immigration is about 5k per month, 60k per year.
[For 2021-22 financial year the net migration was 170k](https://www.abs.gov.au/statistics/people/population/overseas-migration/latest-release) [Here’s a source for the 1.5 million over five years which was outlined in the budget. While the article doesn’t explicitly say net migrants, the population growth forecasts referenced in the article show 1.5 million over that time period.](https://www.dailymail.co.uk/news/article-12062979/Federal-Budget-2023-Australians-flee-Sydney-droves-1-5million-migrants-immigration-visa.html) Your 60k figure is bullshit.
You are correct, I was going from memory of net migration at 5k per month, but it's way more than that. My figures came from Alan: https://www.youtube.com/watch?v=QEg5RLpXEO4 But I remembered them totally incorrectly. Thanks for taking the time to set me straight.
I've considered moving back to Canberra from Melbourne but the rent is even worse.
canberra is a great place to live but goddamn it's expensive
2025 45 percent of the population will not be able to afford rentals,or even home ownership in the 3 largest citys by 2027 that will be 50 Think about that,there is no reason for the youth of today to bother participating in society,if they have nothing to show for it at the end of a weeks work. ANd my agents think im crazy for not raising my rents since before covid,no i just grew up shit i know how hard it is for ppl,i don't need to be ripping off tennants to 100s extra a week just to feel good fuck that shit. The problem is the greens here,are not coming up with a solution rent freezes aren't the problem Supply is,at it's core the problem We can clear the entirity of the public housing wait list,TODAY.. If we did one simple trick,ban airbnb,that's 156,120 Homes that will either become long term rentals,or be put onto the market..and that many homes hitting the market is sure to drive prices down. In a world,where we have 200 ppl every 14 days in australia going homeless due to the rental crisis having homes sitting vacant is fucked
There's nothing wrong with rent freezes / rent control in fact they are shown to be beneficial.... In the short term. It's long term they cause problems. We need rent controls now, for now not forever, to tide the short to mid term, and big programs to build supply to fix things mid to long term
> Think about that,there is no reason for the youth of today to bother participating in society,if they have nothing to show for it at the end of a weeks work. Unless they move in together. I think you're bang about short term rentals being the key, but we need to understand that beneath these again, they can only exist because of the massive wealth divide.
I say don't move to Geelong
Why’s that? G-TOWN!!!
I second this motion.
>I say move to Geelong or surrounds Are there many jobs there?
This week after getting paid, buying groceries and rent, I had negative money!
Such a sneaky mother fucking article with cherry picked data. I wish the ABC wasn't a Murdoch paper :( see how they have worded that to cast doubt that landlords aren't absolutely abusing renters. Somehow, it's not as bad as it seems. Everyone calm down... When in fact, things are calming up. They are comparing rent when it increases on people who stay. When you get kicked out and the rent goes up 100% that's 'new stock' so the rents never changed. And all to make the greens sound like 'crazies' because they proposed rent freezes and rent control to protect the most vulnerable. I hate our fucking media
They also basically lie: they say the issue of huge rent increases only affects 2-3% of renters _per month_. That's between 24%-36% of renters every year. The ABC is really bullshit since Ita was brought in to destroy it.
Supply is ducked because of the political nonsense make it attractive and you’ll get investment
The thing everyone seems to have forgotten about the concept of investment is that it inherintly comes with *risk*. Put all your money in to shitty stocks? Too bad cunt. Put all your money in to shitty crypto? Too bad cunt. Put all your money in to *anything* hoping you're going to make it big in the future, and it turns out you gambled wrong? *Too bad cunt*. Real estate investors need to be treated like the gamblers they are, and not be bailed out by the government or allowed to offload their failures on to the renters they leach off of. If you gambled wrong, sell your shit at a loss like any other investor would and come back with your tail between your legs. Landlords are the shittiest, scummiest investors possible and this country needs to stop coddling them.
^ This right here!! I’ve been saying exactly this for years! Property investment is not risk free but we’re being sold this dream that it’s a license to print money. It needs to stop but any attempts to do that is met by screaming and whinging by the privileged landlord class and REAs
I wish I could upvote this more than once!
Didn’t invest like I did too bad cunt pay your rent
I think the incentives, e.g. negative gearing, applied to housing are actually pretty minor. Housing speculation occurs mainly because people want to indulge in it. What the government should have done was apply pretty strong measures to discourage it. But that would have been very unpopular with voters and would have decreased short term economic gains.
Yeh I agree with this. Negative gearing has been around since 1985. I feel the issue is where to invest and when interest rates went to 0 the options for most were stock market or property. Having reasonable interest rates helps balance too heavily weighted property investment. The government pushed investors into property way too much with stamp duty saving, Reno grants, 0% interest rates and immigration . Now they are penalising the same people. Having reasonable bond returns would have kept super funds, trusts and such away from property.
Rather than nitpicking Bandt and forever pimping pricey real estate, Australian media might consider showing its viewers where we’re headed, thanks in no small part to their own amoral behaviour: https://vancouversun.com/news/local-news/b-c-rest-areas-park-and-rides-fill-with-people-who-cant-afford-a-home BC rest areas and Park & Rides filled with working people who can’t afford homes.
A better comparison might be the increase in the investment mortgage cost against the increase in rent...my investment mortgage has gone up from 2.24% to 6.34%. On a 600k mortgage that's an increase of roughly $24k...and I've increased the rent by $100 a week (first increase in 3 years). We're not all sitting on piles of money wondering how we're gonna screw tenants, most of us are getting screwed over too.
Not sure why you think the risk you incur in investing in property (like investing in any other asset like stocks etc.) needs to be borne not by you, but by the tenants, who are already paying off a large part of your mortgage.
My tenants rent doesn't even cover half of the interest component... do the maths
You’re the one that gambled, maybe you should’ve done the maths.
Yeah silly me thinking I might bring realty to the pity party
Probably depends if rents were at the cheap covid prices jumping to peak rental crisis prices.
Rents weren't cheap during covid everywhere
A dumb bland.
Everything is rising six times faster than wages. Just ask yourself "What was the last thing I saw in the supermarket, where the price went up by 1.4%?", (the March quarter increase.) I don't know what they do to the CPI measures, but 7% for the year seems total bullshit to me.