Australian Politics Forum - 200 renters apply for one place

Carl D

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Re: 200 renters apply for one place - Melbourne.
Reply #30 - May 23^rd, 2026 at 8:12pm

Sophia wrote on May 23^rd, 2026 at 7:35pm:

Well, not sure what auction clearance is for interstate, but it’s dropped for Victoria, below 60%.
That means not selling, since tax rules are changing since budget announcement RE: CGT etc.
That means, less investors, less rentals on the market.
Let’s see how much further this can go.

That means more homes for people to buy which isn't a bad thing - pay off their own mortgage instead of someone else's (and having nothing to show for it at the end of their tenancy).

Trouble is, if they can't afford to rent these days then they probably also can't afford to buy.

The next thing on the government's 'to do' list should be to do something about all of these Airbnbs which make a significant number of homes unavailable to buy or rent and usually sit empty for a large part of the year.

Unsurprisingly, the Airbnb CEO isn't too happy about that. (Paywalled but you'll get the idea).

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Sophia

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Re: 200 renters apply for one place - Melbourne.
Reply #31 - May 23^rd, 2026 at 8:47pm

Carl D wrote on May 23^rd, 2026 at 8:12pm:

Sophia wrote on May 23^rd, 2026 at 7:35pm:

Well, not sure what auction clearance is for interstate, but it’s dropped for Victoria, below 60%.
That means not selling, since tax rules are changing since budget announcement RE: CGT etc.
That means, less investors, less rentals on the market.
Let’s see how much further this can go.

That means more homes for people to buy which isn't a bad thing - pay off their own mortgage instead of someone else's (and having nothing to show for it at the end of their tenancy).

Trouble is, if they can't afford to rent these days then they probably also can't afford to buy.

The next thing on the government's 'to do' list should be to do something about all of these Airbnbs which make a significant number of homes unavailable to buy or rent and usually sit empty for a large part of the year.

Unsurprisingly, the Airbnb CEO isn't too happy about that. (Paywalled but you'll get the idea).

That’s the sad situation. I wished I read that more young couples/families bought more houses now they’re available, but the other sore truth is, the banks/lenders have made getting loans difficult.
It’s a catch 22.

Perhaps there may a cloud with a silver lining …. but not yet.
If clearance rates at auctions keep dropping in % and being passed in, then it will be advertised as “price drop”
But how much drop before banks offer loans to home buyers?

There may be a glut of homes on the markets as a precipe to recession but again that’s not immediate.

If houses don’t sell, and rental properties are at a minimal, then the properties not selling can either sell below market value, or rent at current market value and wait.

But the crux of the whole point is….. banks won’t lend money so easily like they used to.
My son and his wife, both working, were given a hard time to borrow $550K
Both own their own vehicles, son had $50K in savings. His wife had $30K in savings.
Both had a good record for past as paying rent on time etc.
I was so astounded to see them so stressed as to almost being refused a loan.
So how bad is it for anyone else wanting to be home owners.

I’ve come to the peninsula to see the kids, we drive around and see for sale signs from weeks ago but no sale.
Just months ago places were selling faster.
Hmmmm…..I will keep reporting on my inklings.

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Sophia

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Re: 200 renters apply for one place - Melbourne.
Reply #32 - May 23^rd, 2026 at 9:13pm

More valid points, parents can go guarantor for loans but only 20% I believe.
I recall some horrid stories of past when parents go guarantor for most of the loan.
Then, there’s a new trend ~ bank of mum and dad.
And yes, we’ve helped our kids out. The times millennials gen are in are difficult financially and I don’t like they have to wait till we are dead and gone before getting anything under grief.
I’d feel guilty seeing them struggle. We struggled too when younger, but it was a different struggle.

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Bobby.

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Re: 200 renters apply for one place - Melbourne.
Reply #33 - Yesterday at 7:26am

Sophia wrote on May 23^rd, 2026 at 8:47pm:

That’s the sad situation. I wished I read that more young couples/families bought more houses now they’re available, but the other sore truth is, the banks/lenders have made getting loans difficult.
It’s a catch 22.

Perhaps there may a cloud with a silver lining …. but not yet.
If clearance rates at auctions keep dropping in % and being passed in, then it will be advertised as “price drop”
But how much drop before banks offer loans to home buyers?

There may be a glut of homes on the markets as a precipe to recession but again that’s not immediate.

If houses don’t sell, and rental properties are at a minimal, then the properties not selling can either sell below market value, or rent at current market value and wait.

But the crux of the whole point is….. banks won’t lend money so easily like they used to.
My son and his wife, both working, were given a hard time to borrow $550K
Both own their own vehicles, son had $50K in savings. His wife had $30K in savings.
Both had a good record for past as paying rent on time etc.
I was so astounded to see them so stressed as to almost being refused a loan.
So how bad is it for anyone else wanting to be home owners.

I’ve come to the peninsula to see the kids, we drive around and see for sale signs from weeks ago but no sale.
Just months ago places were selling faster.
Hmmmm…..I will keep reporting on my inklings.

The banks are also responsible for pumping up the market to ridiculous levels.

Now get ready for a price crash.

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Carl D

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Re: 200 renters apply for one place - Melbourne.
Reply #34 - Yesterday at 7:49am

Quote:

Now get ready for a price crash.

Indeed.

I still find it incredible that many people believed (and still believe in a lot of cases) that house prices and rents can keep rising forever and mugs will still keep paying.

Someone made the comment in a thread on X (formerly Twitter) last week that when it reaches the stage where only pigeons turn up when land"lords" and scumbag real estate agents advertise a place for rent or for sale then they may finally wake up and realise that people are not going to pay (and probably can't afford to pay) these ridiculous rent and sale prices.

Bring it on, I say.

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Bobby.

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Re: 200 renters apply for one place - Melbourne.
Reply #35 - Yesterday at 8:00am

Carl D wrote Yesterday at 7:49am:

Quote:

Now get ready for a price crash.

Indeed.

I still find it incredible that many people believed (and still believe in a lot of cases) that house prices and rents can keep rising forever and mugs will still keep paying.

Someone made the comment in a thread on X (formerly Twitter) last week that when it reaches the stage where only pigeons turn up when land"lords" and scumbag real estate agents advertise a place for rent or for sale then they may finally wake up and realise that people are not going to pay (and probably can't afford to pay) these ridiculous rent and sale prices.

Bring it on, I say.

People didn't borrow what was ever a reasonable amount -
there was always someone who would borrow whatever the bank would lend them
and they would win any auction.
Many of them are of Chinese background - ultimate gamblers -
using real estate as a casino to gamble money into a Ponzi scheme.
All Ponzi schemes eventually crash as new players stop joining up.

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tallowood

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Re: 200 renters apply for one place - Melbourne.
Reply #36 - Yesterday at 8:10am

Carl D wrote Yesterday at 7:49am:

Quote:

Now get ready for a price crash.

Indeed.

I still find it incredible that many people believed (and still believe in a lot of cases) that house prices and rents can keep rising forever and mugs will still keep paying.

Someone made the comment in a thread on X (formerly Twitter) last week that when it reaches the stage where only pigeons turn up when land"lords" and scumbag real estate agents advertise a place for rent or for sale then they may finally wake up and realise that people are not going to pay (and probably can't afford to pay) these ridiculous rent and sale prices.

Bring it on, I say.

Australian climate is mild enough so people can go camping in front of federal and state Parliaments if they want to force the issue.

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עַם יִשְרָאֵל חַי

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Leroy Gold Member Offline Australian Politics Posts: 4972 Gender:	Re: 200 renters apply for one place - Melbourne. Reply #37 - Yesterday at 8:15am greggerypeccary wrote on May 23^rd, 2026 at 4:32pm: At the end of the process, he ghosted me and didn't even give me a simple "thank you". Anyone surprised?.
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Gordon

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Re: 200 renters apply for one place - Melbourne.
Reply #38 - Yesterday at 8:17am

Bobby. wrote on May 21^st, 2026 at 10:27pm:

I blame Albo for his mass immigration.

200 Melbourne Renters FIGHT for ONE Home — The Footage is DEVASTATING

May 21, 2026

A Melbourne couple offered to pay $27,560 cash upfront. 12 months rent, guaranteed and still got rejected. Six weeks later, the same property relisted at a lower price. That's not fiction.

That's a real, dated, verified post on r/AusPropertyChat. And mate, it gets worse from there.

74 people registered for one inspection in September 2024, giving each applicant a 1.35% chance of getting it. By May 2026, a Victorian property professional posted Instagram footage confirming queues of 100 to 200 applicants per property.

The maths doesn't maths, mate.

Victoria lost 24,716 active rental bonds in a single year — the first decline since records started in 1999. Australian rents climbed 43.9% in five years while wages grew just 17.5%. And you now need a $112,667 salary just to rent a median capital city home without entering stress. Anglicare confirmed 99% of all private rentals are unaffordable on minimum wage.

Yeah, nah... This is absolutely cooked.

And here's the gut punch. Prosper Australia confirmed 31,890 Melbourne homes had zero water use for an entire year. While 24,000 people are homeless and 66,000 sit on the social housing waitlist.

Meanwhile Canada's rental vacancy hit 3.1% in 2025 — they built their way out. Melbourne taxed its way deeper in. Same hemisphere. Completely different planet.

Supply and demand.

https://vt.tiktok.com/ZSxa1n5r8/

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Dnarever Gold Member Online Australian Politics Posts: 61696 Here Gender:	Re: 200 renters apply for one place - Melbourne. Reply #39 - Yesterday at 12:47pm Quote: 200 renters apply for one place - Melbourne. Hate to be in the morning queue for the bathroom.
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Dnarever

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Re: 200 renters apply for one place - Melbourne.
Reply #40 - Yesterday at 12:55pm

greggerypeccary wrote on May 23^rd, 2026 at 4:32pm:

Carl D wrote on May 23^rd, 2026 at 3:54pm:

What a surprise. Not.

https://x.com/purplepingers/status/2058041720219287645 (May need to click the little speaker icon at the bottom for sound).

Quote:

How real estate agents are getting around the new Victorian laws about the rental application form

"Real Estate Agents are explicitly the laziest most dodgy like unscrupulous individuals on the face of this planet"

Grin

Can't argue with that.

I had to deal with one just after mum died, and I thought I'd give him the benefit of the doubt.

I went in all optimistic and friendly and gave him so much more information than was requested and helped him well above & beyond what a normal person would.

At the end of the process, he ghosted me and didn't even give me a simple "thank you".

He turned out to be a massive ...

I have to say though, there are a few good ones out there.

I've met this couple a few times and they are quite honest and are nice people to deal with:

https://bastonandco.com/contact/

https://bastonandco.com/meet-the-team/

99.9% of real estate agents are arseholes though.

No doubt there are some good ones but I also ran into a bad one. He lied about what I would get for the house I was selling, I thought he was exagurating by about 20K but it turned out to be around $50K.

He then tried every trick in the book including trying to get me to sugn the contract with the valuation space left blank. Trying to force an auction because they are paid up front sale or not. I would get home from work and find his business card on the table saying he had shown the house, one day I was home in bed after a night shift when I heard the door open and the alarm turned off. I was concerned for the visitors but the alarm was imediately turned back on and he left. When I woke hs card was on the table saying that he had shown the house. I wasn't desperate to sell and was only tempted because the price he quoted was attractive enough to find out. Sold about 3 years later.

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greggerypeccary

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Re: 200 renters apply for one place - Melbourne.
Reply #41 - Yesterday at 1:27pm

Dnarever wrote Yesterday at 12:55pm:

greggerypeccary wrote on May 23^rd, 2026 at 4:32pm:

Carl D wrote on May 23^rd, 2026 at 3:54pm:

What a surprise. Not.

https://x.com/purplepingers/status/2058041720219287645 (May need to click the little speaker icon at the bottom for sound).

Quote:

How real estate agents are getting around the new Victorian laws about the rental application form

"Real Estate Agents are explicitly the laziest most dodgy like unscrupulous individuals on the face of this planet"

Grin

Can't argue with that.

I had to deal with one just after mum died, and I thought I'd give him the benefit of the doubt.

I went in all optimistic and friendly and gave him so much more information than was requested and helped him well above & beyond what a normal person would.

At the end of the process, he ghosted me and didn't even give me a simple "thank you".

He turned out to be a massive ...

I have to say though, there are a few good ones out there.

I've met this couple a few times and they are quite honest and are nice people to deal with:

https://bastonandco.com/contact/

https://bastonandco.com/meet-the-team/

99.9% of real estate agents are arseholes though.

No doubt there are some good ones but I also ran into a bad one. He lied about what I would get for the house I was selling, I thought he was exagurating by about 20K but it turned out to be around $50K.

He then tried every trick in the book including trying to get me to sugn the contract with the valuation space left blank. Trying to force an auction because they are paid up front sale or not. I would get home from work and find his business card on the table saying he had shown the house, one day I was home in bed after a night shift when I heard the door open and the alarm turned off. I was concerned for the visitors but the alarm was imediately turned back on and he left. When I woke hs card was on the table saying that he had shown the house. I wasn't desperate to sell and was only tempted because the price he quoted was attractive enough to find out. Sold about 3 years later.

Yeah, they're pricks alright.

I sold a house 30 years ago and told the agent what price to list it for.

He told me I was crazy - "The price is way too high and it will never sell".

I insisted, and he reluctantly listed it.

It sold four days later, and the buyer made a cash offer for the exact price I asked for.

Most of them are idiots, as well as massive ...

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Carl D

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Re: 200 renters apply for one place - Melbourne.
Reply #42 - Yesterday at 3:39pm

Yes - this. 100%.

https://x.com/jabso/status/2058396612247105999

Quote:

The accounting profession got their arses handed to them on a platter over not being to self regulate itself. It's time we come for the real estate agents (if we can't get rid of that profession all together)

Won't be holding my breath waiting for it happen, of course.

On a related note - when is that fwit Musk going to drop all the restrictions he's put on X (formerly Twitter) regarding being able to read everything without needing an account?

He said it was only going to be "temporary" - about 3 years ago. Mind you, he's pretty much turned X/Twitter into a 'ghost town' (instead of a 'town square' as he was hoping) so it probably doesn't matter much anymore.

From Town Square to Ghost Town: The Decline and Fall of X (Formerly Twitter) Grin

I use a couple of Nitter instances that still work (Musk blocked most of them a few years back) which allow me 'unrestricted' access to X posts without needing an account and then I just change the link to the X 'equivalent' before posting them here.

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« Last Edit: Yesterday at 3:56pm by Carl D »

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Baronvonrort

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Re: 200 renters apply for one place - Melbourne.
Reply #43 - Yesterday at 3:56pm

Carl D wrote Yesterday at 3:39pm:

.

On a related note - when is that fwit Musk going to drop all the restrictions he's put on X (formerly Twitter) regarding being able to read everything without needing an account?

Labors social media ban for under 16s resulted in needing an account for X along with age verification.

If Labor get thrown out and the new leader has the balls to reverse this ban on under 16s having social media then you might be able to see it without having an account.

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greggerypeccary

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Re: 200 renters apply for one place - Melbourne.
Reply #44 - Yesterday at 3:57pm

Baronvonrort wrote Yesterday at 3:56pm:

Carl D wrote Yesterday at 3:39pm:

.

On a related note - when is that fwit Musk going to drop all the restrictions he's put on X (formerly Twitter) regarding being able to read everything without needing an account?

Labors social media ban for under 16s resulted in needing an account for X along with age verification.

If Labor get thrown out and the new leader has the balls to reverse this ban on under 16s having social media then you might be able to see it without having an account.

The Coalition opposition supported the legislation for the under-16 social media ban, having initially championed the idea themselves.

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