What broke the rental market (and can it be fixed)? | ABC News In-depth 

In my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.

I won't pretend to know everything, though. Her name is Vivian Carol Gioia but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.

Mind if I ask you to recommend this particular coach you using their service?

Sharon Lee Peoples is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

NYC rent is disgusting for what you get. I grew up in NYC and rent was one of the reasons I left. A few places I looked at were at least $2k a couple of years ago and had evidence of rodents and roaches all over. To get below market rate housing, you have to go by word of mouth pretty much and accept a long commute.

​@rileystein6195 and it's going to get worse with the new migrants

She didn’t want to advertise what they would accept as they hope they could extort much more from someone desperate enough.

​@@rileystein6195wait till the new migrants get their work permits and start filling apartments with 4 families 😂😂😂 this is nothing

That’s because it’s a bit of a Dutch auction …😂

and THIS is the nub of the problem.

Name a high tax country where homes cheaper to buy there none . Socalism is the curse of less home owners

What absolute rot. @@coopsnz1

It does not matter if it is a socilaist country or a capitalist country...Housing should NEVER be monetized.@@coopsnz1

@@coopsnz1Correlation != Causation.

Both houses & cars have become too expensive for most Australians these days, most especially for single people and/or single-income households. Even a lot of 2 income households can't afford them.

Thanks for shedding light on the real estate crunch. It's high time prices matched family budgets, even if it means a market correction. Diversifying income outside of government support sounds like a smart move.

I get your point about investing, but where do you even start if you're not familiar with any?

@@GreggVElrod You're spot on. Knowing where to invest can be daunting, especially if you're new to the game.

Having a knowledgeable investment coach guiding your decisions sounds like a game-changer. Been using one for over two years now and it's paid off big time.

The kind of greed that makes your blood boil, the swines have no fear.

To be fair. The interest rate is thr culprit. It has put a lot of pressure on the outgoings for mum and dad property investors.

Wait until the government starts the digital official currency your account will be debited regardless of your debt you be kicked out assets taken off you

Greed is good!

Exactly, some of these houses and apartments are so old. Most landlords repaint over old wall paints and put layers and layers of floor polish on very old floors. Not to mention rats and roaches after you move in. It's not worth the high prices the are asking for. It's all just GREED, not really SCARCITY.

The percentage of homeowners in Germany is now less than %50😕

Is housing in Germany affordable to buy though?

@@roughhabit9085 and why is that bad? My rent is literally 1/8 the cost of many of my friends in Australia. The cash I save is now making me good money on investments. I can live a good life and not own a house and have lots of cash and no mortgage.

@@roughhabit9085 47% like Denmark

@@roughhabit9085 Berlin 15% home ownership that where rental crises is worse

Australia imported too many foreign workers last 3 years. Non-skilled migrants. They are each where aound 370 000 according to news TV 9. They imported them for Corona Virus shortages of workers. They are staying doing nothing. The problem is that they have money. I don't know how, but they bid and increase rents everywhere. Problem can be solved but obviously this artificial increase of rents is twelcome by the government. They have issued visas and they don't send them back after Corona virus problems are over. We will see!

​@petremitrov I heard such "auctions" for rental is illegal, by the way

@@annalulinkova How? They give their offers not in writing! OK?! So, illegal, but not forbidden. By the way, the price of rent goes up because these hundreds of thousands of migrants can pay high rents. Something fishy and dodgy is happening, far beyond normal.

Yea those numbers were nonsense. A room in a share house $500.

@@jackryan2135 Yes. All international students will go USA and UK. In Australia will come non skilled migrants from India.

Politicians have found an easy scapegoat Landlords

hold much of the populace responsible who cheered on mass immigration and the over regulation / demonisation of landlords

Slaves marketed as that are always held accountable. Do you mean abuse and/or torture, lie about them?

This is great, we have to keep the caste system alive. Some people are just genuinely better than others (landlords vs renters). And that's ok! Diversity is a strength, not a weakness.

@@kingsimba9513 slaves and the waste humans? Government, religion and industry are fictional things.

I like immigrants. But we are being replaced by wealthy immigrants. Our government consider them as more desirable citizens than us.

No, your money went down. The Government is to blame.

Its a lot better in a lot of overseas countries. Pay relative to living costs is much better. Lot of the smart younger aussies looking to build a future are starting to move

@@Shadow1986 yes. Australian living costs aren’t tied to living earnings, they are tied to government spending and handouts. The only way to fix the problem is to stop government spending, stop reckless immigration.

@@user-er3bx8qb1jIt’s not a great solution, but unfortunately it’s the sad reality. The wealthy and investors have taken the loot in this country and everybody else can go and eat sh!t. The Government has essentially signed us up to become the next indian province and don’t even make the slightest attempt at meaningful reform of the economy. Overseas is now looking very enticing for anyone under 40 and I don’t blame them. I only see South east Asia rising for the next decade and it’s cheap cost of living and close proximity to Aus makes it a very attractive destination. To anyone young, go and at least try it for a few years. Everyone one I know who did loved it and havent been back.

You have no idea how expensive to build a house and to maintain a house in good condition. On top of that government takes tax. Low income people just can't afford that level of service provided.

why not take it further and say why can bank increase mortgage rates in turn increase landlord's cost so rent needs to rise.

Will noone think about the poor landlords 😢😢😢

​@@thelogician1934that cost is covered by the rent

You have absolutely no idea where your rent goes. Firstly, it costs to build or purchase a domicile. It costs a lot! Then there is the stamp duty payable to the state government. On a half a million dollar flat in Melbourne, it's close to $24k, or about a years worth of rent. Then there is land tax, payable to the state government, every year. On that $500k flat, it's $2850 per annum, or about six weeks rent. Then you've got council rates at a bit over $1k or two weeks rent. Water rates, $1k or two weeks rent. Gas and electrical compliance, about 300 per year, or half a week's rent. Agent's fees 5%, about $1250 or about 2 and 1/2 weeks rent. Insurance, about $1k or 2 weeks rent. Body corporate fees, give or take $2k or about 4 weeks rent. Maintenance, it varies, but 0.5% is a good starting point for a budget or $2500 or 5 weeks rent. Then there are finance costs. I'll be kind here and presume that the landlord won the lotto, so I'll ignore that, but in reality, it's a lot, even if it is tax deductible at the landlord's highest marginal rate. And I'll also be kind and ignore the upfront $24k for stamp duty. Discounting those, do the math. Add up how much of your rent goes to parties other than your landlord? Did you come up with a number that is a little less than half your rent? Even if you discount maintenance and insurance, it is still well over a third of your rent that slips straight through your landlord's fingers. Are you getting the idea why no one blinks an eye when landlords "screw" renters? It's because they're all getting a cut, that's why. And it's why when I sat down with my accountant a discussed purchasing an investment property, I ran a mile. It wasn't a mug's game for investors when money was cheap and houses were cheap. It's a mug's game now, and that's why investors are leaving the market in droves. And if you reckon it's hard to get a rental now and that they're expensive now, just wait. In the words of Randy Bachman: "You aint seen nothing yet". Time to lobby three tiers of government rather than complaining about landlords. They're the meat in the sandwich.

I concur with a couple of your observations. I beg to differ on your assessment with regards to the "elephant in the room". It's population growth. Please, take the time to look at annualised data and take the time to understand just how rapid our population growth is and put it into context of the problems that we are facing with regards to domiciles. No media organisation dares to raise this as a consideration. It's a political hot potato.

As the guy suggests in the report, the majority of investors are mum and dad investors who only have one rental property. They probably spread across the top 50% of the population meaning half may not fall into the "rich or can afford big deposits" category. Or may be part of Boomer generation where house prices were say 100k not 1.5m

Yes why is this air bnb swept under the carpet. The government needs some balls and ban it. Otherwise the average Aussie pays for this by building more housing that is already here in the form of short term housing that needs to be banned. Look at when the housing crisis started it was when the trend of air bnb - even my sister in law bought a property for that specific purpose.

@@intuitivediane if there is demand for a product or service, and that product or service has been invented and can be offered with profits to be made, then that industry will indeed be created. If government interferes, an inefficiency will be introduced with incentive to create a black market for those products and services (and often only increase prices in the long term). In addition, are you happy to be controlled by someone else and be told on how to use something you worked hard for and wish to use in the way you wish ?

How many air B&B's are there in Australia? They get talked about a lot, in this context, but how big is the problem, realistically? When you take into account that a number of B&B's are holiday houses that are let out for tax purposes, and some are even primary residences, a lot of the advertised B&B's would never see the long term rental market even if laws were tightened. And I've got to say, the housing crisis in Australia was well underway before air B&B came along. It started when the Keating government cut funding to the states for public housing back in the 80's. It was aided and abetted by the Howard Governments stimulation (commodification!) of the housing sector and a 40+% population growth in the last 25 years. Air B&B's aren't the problem, nor the solution. Fixing supply and demand issues is, the latter of which, no one dares mention.@@intuitivediane

Low international immigration = low rents who would've thought??

Tokyo has the best policies. They are slowly increasing immigration especially in the healthcare section.

@@mordecai3366 Irrelevant. High rents in Australia are entirely the result of greedy f*ckers owning multiple investment properties and the successive governments that changed tax laws to benefit those wealthy property owners, resulting in extreme inequality and wealth hoarding. Real estate ownership does not benefit the economy. It's a non-productive asset that diverts money from circulation causing economic stagnation. And a critical shortage of affordable housing. The greater Tokyo area also has more than 37 million people + 90% of the city was destroyed by US firebombing in WW2. The city and its infrastructure are vastly superior to any other city on earth and it was all built after 1945. There's a million other factors too - including that employers pay for the cost of transportation to and from work so people can afford to commute long distances. I had colleagues who came to work on the Shinkansen every day. Nothing to do with immigration - there or here. The rental crisis in Australia is caused by greed, stupidity, mismanagement and policy failures.

Houston also has no zoning and it was a great city to live in - and full of great surprises.

​@@jeretsoTokyo has cheap housing by megacity standards because they build more houses than other cities of similar size.

I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too

@@theresahv Do you mind sharing info on the adviser who assisted you?

@@theresahv Benevolence, this reference seems valid.. Just inputted her full name on my browser and found her site without sweat, 20 years of experience is certainly striking! very much appreciate it

@@berkrix4312 wow omg i just doubled my money within 2 weeks simply using code JULIE ANNE HOOVER and her qualifications very much thanks XD

will never happen in those cities

Yes! Realestate agents are incredibly gross people

Mold issues come from tenants not ventilating rooms properly Time to take responsibility for ones actions

Australia imported too many foreign workers last 3 years. Non-skilled migrants. They are each where aound 370 000 according to news TV 9. They imported them for Corona Virus shortages of workers. They are staying doing nothing. The problem is that they have money. I don't know how, but they bid and increase rents everywhere. Problem can be solved but obviously this artificial increase of rents is twelcome by the government. They have issued visas and they don't send them back after Corona virus problems are over. We will see!

@@petremitrovLatin America is notorious for cocaine production, maybe that’s a possible source of their crazy income

Good, renters have had it good for too long. Just buy noobs.

Can you blame corporations if bureaucrats are easily bribed?

Yes. We can and should. If they don't cut it out, we have to use the Molotov method till their investments are ash.

You know what happens under communism the government own all property, poltical class the rich

@@MxIzmir Ah yes, burning down houses will surely lower the price of housing!

The government and corporations only do what the bankers allow them to do.

Goodness! Quite an interesting account of historical rents.

There are two Australias.

Whist I've never lived in Randwick, I'm very familiar with that suburb, having lived in the Cross, Darlo, Paddington and Bondi for most of the period from 1972-2010, so I'm au fait with exactly what you're talking about. They were certainly the good old days.

Where did you build?

@@lilysmith9130 Many people may be wanting to ask this question, so. I live in Japan, in Matsumoto city (well, in the suburbs about 12km west of the center of the city)

How does it benefit property owners? Rents haven't kept up with inflation over the last 10 years Land taxes and skyrocketed enriching governments at the expense of landlords and ultimately tenants

@@zoricazorica5752 yeah that’s right bud, property investors are doing it SO tough 😓 I mean, look how poorly their property portfolios are performing 🙄 it must be so fricken hard.

100% vested interests. They are. Looking after the price of their own housing stock not housing people.

Exactly. You nailed it Sir. It is the inevitable result of unbridled capitalism. The younger generation realizes it. 🎉

Australia is not America

@@reinhlr6216 duh, I clearly stated that the problem is unfettered capitalism which is happening in Australia. Then I expounded on that with an example from the US where it is already a bigger problem than in Australia. I never said the video was about the US, it's about the rental market which is identical to the USA

@@ErikBlair duh, but there are so many other factors at play in America using it as an example is really not appropriate

@@reinhlr6216only in a feeble mind can one make the assumption that using examples must only be limited to what some deem worthy.

Exactly. Sell that property and invest the money somewhere else.

Both sides of politics have adopted the same policies. Our Labour government has been talking about planning for the next 40 years. How didn't they see this coming 2 years ago. They have exposed us to International competition by bringing in 400 000 wealthy, hardworking Indian immigrants per year. We are being replaced.

Why didn't labor keep LNPs tax offset for those renters......😅

@@ConstructionHoney Because it contributed to our inflation crisis?

I disagree. Yes, it is going the way they want, but it is not quite there yet. They'll only be content when they own everything at the expense of everyone else.

@@anonmouse15 extreme inequality is bad for the rich and poor. It leads to widespread homelessness and crime.

Peak retirement, bushfire act 2015 (no money leant for new rural builds by banks to reduce risk profile), and Boomers buying retirement homes for a slower lifestyle. Rural living is a luxury

@@stevenmartin6271 i understand that a gumtree filled rolling hills scenario is a luxury, any pretty rural setting definitely is, but lets take Mt Isa for example, no one wants to live there, its horrible and not a Tourist destination, but the council still wont allow a person to camp or sleep in their vehicle and they do everything possible to stop it. They fence off areas etc.. This is how almost every council in Australia operates. If a council does provide free camping, they generally apply rules such as "self contained only" which means unless you spent $80,000 plus on your camper or caravan, you are excluded from the facility. Again the division between the wealthy and poor and the rules imposed to exclude the poor is disgusting. A lot of area in rural Australia are definitely not considered luxury living, but still appear to be reserved for the rich.

SO MUCH this. I'm not interested in renting in London or Tokyo. I'm middle aged, will never own, am raising a family and live in fear of my landlord not renewing our lease - even though I have a spotless rental history almost 30 years long. This report isn't even close to what most of us are dealing with.

Totally. The monetization of public lands by governments will become a much greater topic in the next decade when the cost of flights becomes inaccessible to the middle class in first-world countries. But i guess these rules are designed to protect and conserve the natural environment also. "Pathing" causes dire consequences. Burn some wood here, bit from there, and bang....no top soils, and then bang, we need more carparks...but you do have a super valid point. The division is real. I cant afford to go to Dunsborough in WA camping anymore, let alone rottnest island which is a public asset with a walled garden for top earners @@BobBob-nx3yh

There are a lot of caravan parks in Australia that are now owned by big corporate companies now with big dollars behind them that have forced the prices up and also approach councils about banning sleeping on sides of roads and forcing them to only stay at caravan parks owned by them.

Yes ; and the investors buy several homes to keep as rentals, buy in cash so that first time buyers cannot compete with that. It sounds like Australia doesn’t have that issue.

You get screwed when you buy a fliphouse, 90% of the time flippers have no clue what they’re doing and upgrade the home as quick and cheap as possible. If you considering buying a flip home, you better get it inspected.

So many empty houses in the US, not enough tenants, while it's the opposite in Aus where greedy sellers are rampant. What to expect, common Aussie trait.

Should slaves and their behavior their forced to perform be marketed with the fiction you shared there?

If your investment in a rental property doesn't return enough, then maybe you invested your money in the wrong sector. Get a term deposit or buy some shares.

Idk too, for me personally, the human cost is hard to ignore. I hate when I have to see renters debate landlords online. The landlord is arguing how about investments, matinence costs, and bad tennents justify the cost of rent. But Like, the renter is literally being made argue over wether or not they are deserving of shelter 💀✋ A lot of people don't take care of their rental units when they see that the landlord ASLO doesn't seem to care about the conditions 🤔

@dweller6065 The wealthy are protected by the government and the media and you are surprised? Where do you think the wealth comes from? 🤣

Cheap money was certainly the underlying reason for the sudden gains in prices. In Australia housing investment also sky-rocketed thanks to the (almost) unique tax advantages in this country. However, this has been increasing incrementally for many years now. In 1993 18.4% of our population were renters, it's now just under 33%! Since 2000 one million additional investors have entered the market taking our total to 2.5 million investment rental properties in Australia. So that's 2.5 million abodes out of total housing stock (including units etc) of 11 million. This HAS to be a significant factor in house prices rising to the ridiculous levels they are now. The Labor Party tried to do something about this during the run up to the 2019 election and the 'punters' said "no way". Now look at the bloody mess we're in...we've effectively locked a generation out of the housing market....(and I'm a 66 year old boomer by the way).

@@LMatters1 Agree fully. As a boomer myself, I look with dismay at the policy stuff up that has led us to this situation and recognize that it is our generation that has let down our young.

Yep, and the US is mostly responsible for flooding the world with their printed dollars.

Just came back from Vancouver, on paper it feels similar but so different. I felt more people are struggling there than here in Australia. Like waaay more. A lot of my family have two jobs and multiple incomes to keep their head above water and not be homeless. The Canadian situation is dismal. Watch Vancouver/Canada is dying.

I moved to Vancouver a year ago and although I've been fortunate enough to work in an industry that can support the cost of living here it is still a challenge. From what I understand land speculation occured very early. Yes you're right there is a lot struggling here, more than what I've seen in a city like Brisbane.@@friedricey

I lived in Vancouver in 2005, for a year (I’m from Melbourne). Gorgeous place, amazing actually, but today it’s simply overrun and locals suffer from homelessness and despair at the hands of wealthy Chinese who buy up everything. Australia is following suit at a rapid clip. Our politicians allow it - as do theirs.

Only it's not foreign investors in Australia, the majority of investors are Australians. @@thedownunderverse

ABC can't afford to get a correspondent in Canada...

What kind of investment would you advise? And what is the best way to follow it?

Gregory Thomas Patchak is the best in this space, I'm happy to come across these recommendations. I have worked with him and I am impressed with the thoroughness and professionalism of the investment diligence packages he provides.

You invest with Gregory Thomas Patchak too? Wow that man has been a blessing to me and my family

Yeah, that's easy to say when you start off with more than 3 digits in your account. Saying stuff like "just diversify your income, automate it, invest," all that comes from a place of economic privilege. Living off a pension makes doing such 10x harder, especially when you have disabilities and an executive functioning disorder.

Yeah this is all great information, but to those of us who have no savings or money to spare, investment is not possible. Also many of these investment situations are just pure scams. So you can win or lose.

So what can be done to ease the situation? More affordable housing, subisidised by the government and regulated by the government. Cutting out private landlords.

@@desertmandan123 Yes, it's exactly as you said... "to ease the situation? More affordable housing, subisidised by the government and regulated by the government. Cutting out private landlords. .."

@@desertmandan123 I think that their plan. The mortgage interest they are paying via ATO Business Claims as refunds is going to be huuuge. But add to that more of them claiming more of incentives and at State Concessions and Local Government Rates etc means we have exponentially exploding Property Investor claims...they won't tolerate that for long. Add to that voters are white hot with rage and we have ourselves a powderkeg. IGR aside, National Cabinet on housing affordability are doing nothing on go slow till 2026-2029 and I don't expect much beyond the 30,000 discussed. 1.25m homes is a pipe dreamwhen defence spending is staying at 3% YoY.....nah, we need to pick the high hanging fruit and let the 15% squeal....start with those with 2+ houses....oh I cannot wait to see them compulsory acquired in a mortgagee sale....

The government doesn’t subsidise shit. It redistributes your hard earned. Most of it is squandered.

Nice idea, but the government would bulk at doing enough to make the necessary impact due to the massive increase of taxes to provide that housing (and loss of land tax becuase the government is providing the house rather than the landlord).

that will help buyers but NOT renters.

🐘

Yep, that certainly made things worse.

Yep and I never know if they mean gross or net. My costs are 60% now, and I’m in Western Sydney

Slaves marketed as real estate agents, Realtors, etc. actually get paid more but shown no pay for blocking human slaves, which are often marketed as citizens, from living in the area. Ask about it. Im their owner.

Pro tip, don't rent.

@@hannesRSA Yeah right ... I take that 1 million I have stashed under my mattress and go and buy a house with it right now! DUH ...

@@Peekaboo-Kitty that's too much, buy a cheaper place, maybe a 10sqm flat, with a 95% loan. Then you have 50 years employment ahead to sort out the rest.

@@hannesRSA You put the classical philosophers to shame with your concise and brutally minimalist appraisal of the human condition. Profound, yet wildly simplistic. Nothing short of a radical new approach to thought itself.

Airbnb are a huge part of the problem

Absolutely agree but you actually care about finding a solution to the problem many politicians don't

Population growth is the problem. Please, have a look at the available data on Australia's population growth, year by year and become aware of just how significant this issue is.

​@@davidbrayshaw3529yes every demand factor is part of the problem. My point is that there are fast acting supply options that aren't even being considered by politicians or journalists.

​​@@michelledavies2197On Sensis night there were 1m empty properties. How many Airbnbs are there?

I agree. But ceos insist on abolishing working from home and having workers back in the office, so they wont giv3 that away......

In most instances this is not practical. Floorplates are too large, and it is often cheaper just to knock down and start again.

Apparently amenities would be an issue, especially plumbing

@@MsRubyet I worked in commercial and residential architecture. It can be done. A lot of offices already have multiple toilets and kitchens.

@@imhamish there are people in tents and mobile homes right now. I don’t think the floor plates would be an issue. Besides I worked in architecture and there’s so much you can do regarding adding walls etc. I really can’t see how knocking buildings down and rebuilding could be cheaper.

Look at country with higher taxes in Northern Europe and tell me how that works sales shit.

another clueless socialist

Some of those people were flooded out of Lismore earlier.

control is great for people who have a rent-controlled apartment to introduce it no one's going to build anymore

And these immigrants shouldn't e allowed to do this to locals. We can't go to their country and do it. Canada is turning into a immigration waste land and its gonna end up only being immigrants. Locals will eventually leave then put up with the bs immigrants get away with.

Lucky you dont earn nz wages haha

Lol. Seriously though. This season's fire risk is massive after several years of rain and floods. No one is prepared

Bad for you, good for those that made the smart investment to buy 😤✊️

As a landlord I'd say like John hewsons birthday cake. Rents are made up from the expenses of the landlord first and foremost. The insurance rates and land tax and bank loans are priced higher for landlords this inevitably is added to rental prices. By the far the biggest problem is because single or small portfolio investors chase an investment dollar in property they take large loans without the same considerations to pay it off. Particularly acute because the higher interest and the exaggerated influence of federal interest tax offsets. Basically renters are paying the inflated debt interest repayments of landlords who can't really afford the investments. Are paying lawyers, trades, state and local councils inflated bills that the landlord endures. Whenever I get two trade quotes for work such as plumber One in my residence and one a rented property. The rental quote is often as much triple the price for no reason at all. "Because it's deductible" one will say to me.

heavily taxing rental owners will cause rents to skyrocket further. Adding gov't regulations such as rent control, lack of quick and low cost evictions for non payers, etc, will cause rents to go up to compensate and drive reasonable cost rentals out of the business.

@@musictosoothe not just taxing rental owners my friend. I think we should tax the mums and dads and business owners who hold multiple properties as their weekend getaways. They don't really need them. Look at the politicians who own their 2nd properties setup as an airbnb's and then used tax payers dollars to book their own work trip stays in their own homes instead of a hotel.🤦‍♂️ it's basically double dipping and the money 💰 doesn't go around full circle to the economy to pay business's to then pay for their employees. Let's be frank people who did this could charge whatever price they wanted and get their employer/payroll to reimburse them back paying off their mortgage.

@@musictosoothe noone suggests rent caps, however if a landlord is relying entirely on rental income to cover their entire monthly expenses every month, then they should no longer be owning that property. If income in $1000 and expenses is $1100 that is not the renters problem to pay for in higher rent, the landlord should wear that because that is the bed they created.

A lot of politicians own investment property too. They will never build the numbers they promise. I did the math, one promise is to build homes for $150000 each for families. That's not happening so 🤔

Spot on - I don't get why they glossed it over with band aid suggestions rather than address the true reasons why we are in this mess - market hijacked by speculators and foreign landbankers (many laundering money) who have forced many prospective home owners into permanently renting due being outbid by this group who often leave these home empty (60,000 plus in Sydney at last count) along with the Ponzi immigration scheme just to put the icing on top... Whole thing sounded like it was an infomercial written by developers....

Agreed. I’m about 3/4 of the way through this program and still waiting for some mention of information like this including AirBnB.

@@timsaxon5825 I'm thinking that it has to have been a strategic choice not to mention Airbnb. Money talks. Either in the form of a generous donation to the broadcaster or as the threat of legal action. There's just no way the producers simply forgot to include something so significant.

Lucky you! I pay $1260 per month. That's 65% of my DSP just on Rent. By the time I pay for all the other Utilities, I am left with $300 to live on every month for me and my pets!

At least you should be first o their list before they accep other renters

Ohhh just saw my awful typos

Life is unfair. No one owes you anything in life. I was kicked out of my rental 3 weeks before Christmas. Trying to find another place to live just before Christmas was no fun. However, it is not the job of the real estate agent to deal with my problems.

@@woox200sx no but if you ate a proven good tenant why shouldn't you go to the top of the list to be considered to rent their other stock. As a landlord I would want them to have an eye out for good new tenants if I was needing a new tenant. Better the devil you know than an unknown.. You would have a history at least with that agent or agency who selling the place you are currently renting.

@@woox200sx Incredible. You're actually running cover for the person who made you homeless three weeks before Christmas. Just to clarify: did you think there was anything unethical about the agent's decision, or were they simply acting within their legal rights?

Mansions are being owned by people trying to hide wealth from the Centrelink Aged Pension Asset Test or Jobseeker so they can line up for $1million in aged pension etc for 20 years minimum. That should make you incredibly angry....that doesn't include fact that entitles them to a healthcare card so they get 50% off council rates and car registration which is why they buy a new car on the renters rent and then get discounts to run it....GenX here and my cricket bat is out for them🏏🏓. We are all gonna need to vote to change that system.....thanks RBA for the floorshow, now it's over to us to target Fed & State Concessions to stop their triple dipping greed on younger generations. Tried to get their tick out during Abbott & Morrison and now under ALP if they do not stop this intergenerational theft. Want heads on a plate now.

I'll readily admit that I don't know a whole lot about this particular topic. Also I am Canadian so therefore the specifics of the "housing crisis" here will be slightly different from that in Australia. I definitely agree with you that if the political will were to exist, then we would actually be able to build enough homes for everyone! It's a sad reflection that for whatever reason we lack the political will to provide humane and affordable housing to everyone in our society! I'd actually be interested in hearing your thoughts on the lack of builders and some ways that might be dealt with. Again I'm NO expert on the subject, but it seems to me that not having the builders would be the biggest stumbling block, because even if we sort everything else out we still can't start building anything *at the scale we need to,* if we don't have the work force to actually build it. I'd genuinely be interested in hearing your thoughts. If anyone else in the comments has *any ideas of value to add (this is RU-vid after all)* then that would also be appreciated and hopefully we can get *a constructive conversation* going!

Can you name me one place in the world where socialist housing schemes haven’t produced poor quality products?

if housing is considered an essential service (as the host said) like healthcare or police, then it should be fully paid through taxes and enough supply maintained to ensure need (3 dependents vs single person) and first-come-first-serve. I'd pay higher taxes just to not deal with the stress of losing a place because of losing my job or financial emergency. Imagine if we treated policing like we do housing. Needing to compare police officers and stations for the best price and there never being enough police officers for everyone to be served. And police officers charging for their services (more and more).

The system is working perfectly, if you view it from the landlord's perspective.

That's affordable for you, but for the locals earning local wages how affordable is it for them??

@@resolecca Not sure, but I've not noticed a substantial rise (in Thailand & Vietnam accom costs) since I started traveling in early 2020. I doubt there's a significant overlap between where I stay and where locals stay though. I mentioned my experience purely to put an option on the table for (some) Oz retirees.

That's a good point, however both Penang and Chiang Mai are effectively country towns and not major metropolises.

@@TassieLorenzo Mmmm ... Penang pop 1.8 million, and Chiang Mai is 1.2 million. But maybe country towns need more attention in this debate too, as residential options for retirees like me. Or with better transport as commute options for city workers. My travelling days won't last forever, and I'm damned if I know where I can afford to live in Melbourne. Certainly not near my kids and grandkids, the way it's looking. It's a bugger of a situation.

@@TheWanderingPensioner I'm from Adelaide, which is also effectively a country town compared to the larger cities! [With housing prices a mere fraction of Melbourne or Sydney, consistent with that. It's doubtful you could rent the same size of apartment, in a similarly central location, for the same price in Bangkok, I guess?]

That’s right. They’re going to keep on deficit spending and inflating the asset bubble.

I live in Melbourne CBD, and it's only really noisy on weekend evenings, and even then it doesn't affect my sleep.

stop blaming the rich for your problems you wanna ban airbnb that is full on communism

Crisis is in the belief that housing should be free! Time to let go of Marxist clap trap and get back to reality

Absolutely correct. It’s no longer a wealth building path for all, but a continual wealth accumulation path for those already landed gentry

Immigration flood gate is open both ways. Retired folks can go live in cheaper countries freeing up housing for younger people

Other countries don't have problems lol 🤷🏻‍♀️

@@resolecca Genius comment tbh. Thanks for the enriching contribution.

@@ms-mousa well the rental problems you mentioned exist is almost all western countries so other countries do infact have the same factors as Sydney

@@resolecca Same outcome doesn't necessarily mean same reasons. I don't follow your logic here

Other countries have less taxes tho , Copenhagen & Berlin more expensive than Sydney taxes higher

This must be why it's easier to find a rental in Melbourne CBD than in nearby inner suburbs.

and cutting immigration (demand) and building more (supply) and cutting regulations on landlords which encourages them to throw in the towel

95% 😂😂😂

It strikes me that a report recently noted 1/4 of all properties on the east coast were bought outright in cash last year. The divide between rich and poor is astounding

The dorms too ✋💀💀☝️🤷‍♂️ tf, it cost like 2400$/ month to have no visitors.

As a low income landlord, I can assure you that the problem lies in zoning. The market is over regulated. Landlords who don't want to expand the number of properties they have are simply conducting a process to determine who wants their property the most. More permissive zoning will assure the growth of cities and towns. Especially as intrastate competition heats up.

"Like it's freaking insanity that rent and mortgages are excluded from the inflation index". False. There isn't one inflation / CPI index, there is one base index and many others to track all sorts of things. e.g. Inflation + Rent, Inflation + Mortgage, and may others.

Housing is a basic human need. It’s actually all about greedy people trying to exploit others for personal profit - the private individual equivalent of imperialism.

Taxes causes household debt , more socalist country than Australia have less home ownership per capita

Government is the problem, not the solution.

So you want communism?

Busihfire act 2015 - no banks lending for new builds in rural areas. Plus peak retirement - rurals getting insance

@@stevenmartin6271 Plus many shire councils banning any extra accommodation being build on farm-properties!

The government greedy, lower tax country have cheaper homes duh ! Berlin & Copenhagen worse than Sydney that means more renters than home owners

I disagree with the migration to regional areas since emigration out from regional areas has been an issue for decades. The real issue is certainly airbnb since the cost return competitiveness is too strong in airbnb favour. Particularly in tourism hotspots like cbd and metro edges. Ironically the same areas really needing workers in low paying jobs to service the tourism needs.

And what do people do for a living in the regional areas that they move to?

@@davidbrayshaw3529 medical services is usually what is focused on age care gps doctors optometry etc. Additionally food production cut picked, and school educator's, skills to support a business productiveness mechanics cleaners electricians plumbers veterinarians Tourism tourism tourism Whenever you see a derelict town empty shops everywhere, it is not usually because people don't want to be there It is because the businesses found it too slow or expensive to bring trades in, Couldn't get any staff to assist, Their customers were moving out of town. Shop owners and residents Couldn't get medical attention from day to day for self or family Their families felt or were actually not offered an educational future to their children. So the shut shop move to suburbs. There is a short lived remote city professional working craze in regional areas but unless others are there to support services to their lifestyle the remote workers will also quickly leave.

The government greedy why middle class & upper class greedy in Australia private sector. You don't decrease debt paying more taxes a home owner or business owner

not many fams of 4 to 7 ppl these days, but a lot of demand for single units

yeh its a waste of time which is why no one invests in property.....

There is no point trying to explain to anyone the costs and stress involved in owning rental properties. They think that "their" rent goes straight into the landlord's pocket and gets spent at the Mercedes dealership, a short time later. Little do they know that the margins are small to negative on rental returns. And if you try to explain to them that $2500 of "their" money goes to the local council in rates, and another $2000 of "their" money goes straight to the state government for land tax, and that the real estate agent takes 5% of "their" money, the water provider takes another $1200 of "their" money, the insurance company... another $1500 of "their" money. Body corporate fees, levies, compliance costs and maintenance costs... even more of "their" money. Finance costs... even more of "their" money. And if there's anything left over after that, you give the federal government a percentage of "their" money at your highest marginal tax rate. Then, housing being a long term investment, when you sell the property as you move into your retirement years, you get to give the government a percentage of the capital gains that you've realised. I'm certain that this stuff isn't taught in schools as it would end investment in the housing sector and there'd be no more rentals. It's just such a shame though that tenants are so blissfully clueless as to where "their" rent money goes. And I bet all three tiers of government just love their ignorance to pieces.

​@@davidbrayshaw3529 Good, practice what you preach and let someone actually own a home to live in.

I'm all for that, hence why I have advocated for a reduction in immigration and against foreign investment in the housing sector for the past 2 decades.@@anonmouse15

Well said. I would be selling my investment property now too if I wasn't keeping it for when my kids hit their 20's. I'm not sure what the property market is going to be like in 10 years. It gives me an option to help my kids into the property market or move in if it's still unaffordable.

They literally were showing THE priciest area of manhattan. Even elsewhere in manhattan prices are quite a bit lower. Also i am not sure what the deal is with the co-living space in brooklyn. For that much you can definitely rent a 1br in Brooklyn in a decent area

maybe its because im a londoner that i left london town

@jonathanjonathan7386 hope you have made the right choice for your situation! Personally, I like London for many reasons and for now I'm staying

If you mean based on what you earn not others then I'd agree

Only if you don't want the world to be the way it is now, but will be worse if there's no incentive for individuals to work hard, purchase investments and lease out.

@@TheStevo2156 Tenants have to work hard to pay the rent. After all, what bigger incentive could there be than to have a roof over your head? Not everyone is a born capitalist, thankfully.

But if that rent amount is less than expenses plus a profit, no owner will rent for that.

@@TheStevo2156 Oh geez, that's an extremely lazy judgement with no understanding of what's really going on. People with good jobs are having issues finding affordable homes, rentals included. Your argument is lazy and outdated.

I agree. I'm pro immigration. But here in Australia we are bringing in 400 000 wealthy immigrants per year. They are out competing current Australians.

It's not just that, but many overseas buyers (mainly Asians) are purchasing Australian properties, because even the latest restrictions can be circumvented!

It’s more than population growth. The system is also just incentivising speculation and not adequately stimulating supply. This is the chaos negative gearing partly wrought (it should ONLY ever have been reserved for investments that add stock). Add to that overly cumbersome development rules that focuses on single family housing in new areas and make it hard to add higher density developments in established suburbs, and finally throw in sudden rapidly raising interest rates and you have a bit of a disaster.

Population growth is the sole driver of housing costs. Without population growth, speculators will be much more conservative when appraising housing for investment. Without population growth, short term rentals (air B&B's) will be unsustainable. Without population growth, the laws of supply and demand dictate that inflation in the sector will be greatly reduced. But don't tell anyone. It's a secret.

@@DeftPol The pollies don't won't to change the tax-rules as many of them have considerable property-portfolios!

I agree, no mention of AirBnB, - wonder why?????

This!! Drives me crazy this is obviously the reason rental listings have plummeted and neither media or politicians want to address it. I feel for people born and raised in areas like Northern NSW where there's absolutely nothing to rent because of this. And they are literally forced out of their own communities if they want a roof over their head. It's a pox on society and it needs to be severely regulated, like yesterday.