Friday, 15 November 2013

Weighing in on the Sydney property market

Real Estate has kept me busy/stressed ever since I got back from South America.  I mentioned before we went away that we got notice the owner of our apartment was putting it on the market.  Every Saturday we have to vacate the apartment so they can hold the inspections and every Friday night we have to do a tidy up.  (Not to mention coming home on Saturday arvo to find dirt walked through the apartment and balcony doors unlocked).  Then we were told they sold the apartment and cancelled all inspections so I brought my shoe+bag collection back into the apartment.  3 days later the sale has fallen through and they'll continue to do inspections, thanks.  Can't be fcked moving all my stuff out again which leads to stressful Saturday mornings leaving my apartment full of designer gear for the public to walk through.

So we decided to start looking for another place to rent.  We are further north than both sets of parents and moving south would mean closer to family and work.  So we've started the hunt for rental property in Sydney.  I'd rather get my 4 wisdom teeth removed again, honestly.

Here are some experiences I've had in the past month which given an indication of how crazy the rental market is (and we're only renting because the selling/buying market is even worse).

Apartment A was listed for rent with no inspection time so I called the agent.  He'll try do an inspection this weekend he says.  He gets my contact details and I stalk domain.com.au for an update on inspection times.  They don't end up doing an inspection that weekend.  The following week I call the real estate agent receptionist and am told they will hold an inspection this weekend but no time has been set so she takes my contact details and will call me.  They don't end up doing an inspection that weekend either.  3 days later I jump onto domain to check inspection times and see that the property has been leased.  I know that agents cannot accept an application unless the prospective tenant has viewed the property.  If they have done no inspections, how has someone managed to inspect, apply, put down a deposit, AND signed a lease??

Apartment B was listed on late Tuesday afternoon (I know, because I now stalk domain MULTIPLE times a day).  I sent an enquiry about inspection times Tuesday night.  Wednesday lunchtime I receive an email saying a deposit has already been put on the property.  Again, how has someone inspected, applied for and put down a deposit in less than 24 hours?!??!  And the rent for this apartment wasn't even cheap - it was $700/week!!!

Apartment C we decided to just apply for without inspecting.  You can apply but they just can't accept your application til you've seen it.  Between Tom and I, we have a fair bit of money in our bank accounts (enough for a deposit on a $1M+ property), we both earn decent salaries, no bad credit history, we both own cars and I own property, and he is a Risk Manager at an Investment Bank for goodness sake.  And we got rejected.  Disheartening doesn't even begin to cut it.

6 comments:

  1. Wow... the market certainly is vicious! Your credentials rejected. Golly. why not just buy then?
    We just leased a place in London as you know. The letting process there is nuts! There is a specialist letting negotiator and there is this virtual platform for you to apply with and they run credit checks on you in all the countries you've lived in or something like that. totally different kind of experience and stress.
    Hope you do get a place to live in before Xmas comes around!

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    1. We looked at buying about 6 months ago but honestly that market is tougher than the rental market! Hoping something gets secured by the end of this week.

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  2. I was disheartened a few months into looking for a place to rent. It's SO HARD out there! Figured I'll wait until I'm married (LOL!) or ready to buy - and that brings a whole different set of hurdles altogether. Sigh. Good luck, Kay xx

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    1. Thanks Em. It's super hard but when it comes to Sydney real estate, what isn't?? If I had known it would be this difficult I wouldn't have left home all those years ago hehe xx

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  3. Oh K, Tell me about it! I know how much it sucks - your situation sounds like mine at one stage but just dont give up hope - You will find something eventually! I know it sounds so cliche, but it's true. Let me know if you need more tips than the usual. Is it just you and Tom? I don't know what the Sydney Rental Market is like but it does sound much more extreme than Melbourne!!

    Let us know if you need any help!!

    - KK

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    1. YOU'RE BACK!!! Yay can't wait for all the posts. Yep just Tom and I looking for 2 bedders, super tough. Fingers crossed we get something soon!!

      Kx.

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