澳洲Australia property Rental bidding | Sydney


在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo


I have just been at a house with my mother to help her vet prospective tenants.

We wondered how busy it would be after all the stories about rental bidding wars.

Interestingly enough, with an hour open house, no-one showed for the first half hour. Then two couples arrived within minutes of each other. Both couples presented well and seemed nice. We asked them about their experiences of trying to find a rental house.

Both said they were fed up with agents who are playing games. One agent refused to show them a house on the weekend. This agent was prepared to show her at 10am on a weekday. She said she would bend over backwards to be there any time outside of her work hours, but no go, 10am Tuesday or not at all. She told the agent if she was paying him she would be most unhappy.

One couple have been looking for a month and keep missing out because of the rental bidding going on. They were fed up with the games the agents were playing and looked at my mother's house from the Courier Mail to bypass the agents.

I just thought that it was interesting to hear real live people confirm that indeed they are missing out on houses because of being outbid.

Of course, with both couples wanting the house, my mother had to decide so of course one couple have to keep looking.

Wylie  

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So which couple did she take, and why?  

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Both couples had good employment history, both seemed like nice young couples. We couldn't decide between them - the first couple hung around longer so we gave it to them. They were first there and had missed out on everything they had applied for in the last month, due to the bidding wars.

Time will tell if they are good tenants, but fingers crossed.

Wylie  

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I overheard a remark on the news last week that there was some suggestions being made to parliament to make rent bidding illegal. Has anyone heard the full story or did I get my wires crossed?  

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I'd like to know how they plan to police it, though. Through complaints by people who lose out? There isn't even a property ombudsman. I mean, they can't even manage to crack down on under quoting, conflict of interest, etc.

Another point is, back in 2002 - 2003 in Sydney landlords were offering rent free periods. I'm sure tenants went to landlords and said 'I'll rent your place if you give me 4 weeks rent free' or if they dropped the rent. What is that if not forcing landlords to bid for tenants? Didn't hear a peep from the government then.

I still think the rental crisis is overblown. It's mainly happening in the yuppie, wannabe suburbs (inner city). I don't see rents in the mid-ring suburbs rising significantly, nor number of rent ads go down. Even a mild recession will kick those "I make $100k and can't save a cent but I want to live within walking distance to work" types back home or sharing.
Alex  

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Alexlee, the last two tenents I've had (both properties in the mid-value) there were bidding wars between the tenants - bumped up the price I got $10-$15 pw. So, I dont think its just the yuppie areas where this is happening.  

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JFisher said: ↑
I overheard a remark on the news last week that there was some suggestions being made to parliament to make rent bidding illegal. Has anyone heard the full story or did I get my wires crossed?Click to expand...
Seems like they won't have much power enforcing the new rules.

http://www.news.com.au/adelaidenow/story/0,22606,21315765-910,00.html  

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Govt needs to butt out, unless they're planning to level the playing field a bit and outlaw tenants offering lower than advertised rents as well.

Where the landlord / tenant situation is concerned, the Govt has been maintaining such a slanted playing field for so long (favouring the tenant) it's now got one leg longer than the other and wouldn't know a level playing field if they were standing on it. ;)
cheers
crest133  

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There are rules in Adelaide against rental bidding and I agree with crest that the government needs to stay out.

Then again, that's what they are there for, to create as many "entitlement mentalities" as they possibly can and support those that can't take responsibilities for their own lives and who want someone else to blame for their circumstances.  

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So basically if rental bidding is outlawed you need to advertise at a higher level and if need be the tenants can negotiate you down?

From my own personal experience though I would never just select the highest rent offer. Firsalty they would need to fulfill all the usual criteria with higher rent or advance rent coming way in second in my selection process.  

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GoAnna! said: ↑
you need to advertise at a higher level and if need be the tenants can negotiate you downClick to expand...
Exactly right....pop the rental rate at an unacceptably high level to start with, and then be the nice pliable Landlord who gave a great discount from the excellent negotiating skills of the tenants....:rolleyes: Bewdy.  

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I don't understand why one can't have rental bidding...afterall...we have bidding for property purchases. What's the difference?  

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sailor said: ↑
I don't understand why one can't have rental bidding...afterall...we have bidding for property purchases. What's the difference?Click to expand...
Because rental bidding hurts 'battlers', which bidding for purchases is usually won by fat-cat landlords. It's always nice to have someone to blame.
Alex  

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alexlee said: ↑
Because rental bidding hurts 'battlers', which bidding for purchases is usually won by fat-cat landlords. It's always nice to have someone to blame.
AlexClick to expand...
Property bidding hurts first home buyers too.
I don't know any fat-cat landlords. Do they exist?

Most of us are just trying to balance the budget, make sure all the repairs get done for the tenants so they have a reasonable place to live, do most of the renos ourselves where we can (and I can't tell you how sore my wrists are after starting ripping out the old kitchen yesterday).

Most on this forum that try to do their own renos don't complain much about the sore backs and muscles, chipped nails, paint in the hair and under finger nails, cuts and scrapes from tools and bits of cement and wood that attack them. Most of these people have full or part-time jobs and run a family at the same time. They give up their nights and weekends to improve their lot, and forego doodads. It's simply hard yaka to do a reno...even with a lot of tradies, there's all the organisation, approvals, shopping around for a good deal on items, and making sure the work is done.

For every reno picture posted on this forum, I think about the sheer hard work that went into achieving the results. My hat goes off to these people!  

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I know, but for most people it's just easier to blame 'them' instead of getting off their as*es and taking responsibility for their lives.
Alex  

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As a tenant (soon to be ex tenant hopefully if we can buy) I don't like rental bidding.

I don't like getting sand in my shoes on the beach either.

No point whinging about an existing market condition.  

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tssk said: ↑
As a tenant (soon to be ex tenant hopefully if we can buy) I don't like rental bidding.

I don't like getting sand in my shoes on the beach either.

No point whinging about an existing market condition.Click to expand...
But I bet you liked how landlords were fighting for your custom 3 years ago, tssk? As you said, no point complaining about reality.
Alex  

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alexlee said: ↑
But I bet you liked how landlords were fighting for your custom 3 years ago, tssk? As you said, no point complaining about reality.
AlexClick to expand...
Unfortunatly for us we didn't get to take advantage of that in our last move as the new owners requested we move ASAP so that they could move in.

From time of notice to us moving it was 2.5 weeks.

I think the universe is trying to tell us to buy instead of rent.  

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sailor said: ↑
I don't know any fat-cat landlords. Do they exist?Click to expand...
Sure they do, just watch Today Tonight ot ACA and you will see plenty of them...:D

I can't believe how much these shows love the story of the battler who can't afford to eat due to the rich landlord...meanwhile they can afford the latest car or plasma screen.  

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alexlee said: ↑
I still think the rental crisis is overblown. It's mainly happening in the yuppie, wannabe suburbs (inner city). I don't see rents in the mid-ring suburbs rising significantly, nor number of rent ads go down. Even a mild recession will kick those "I make $100k and can't save a cent but I want to live within walking distance to work" types back home or sharing.
AlexClick to expand...
Hi Alex

Have to disagree with you about rental ads diminishing. Which rent ads are you specifically referring to?
Out here in the Hills our rental ad pages have gone down from an average of 6-7pages in 2004 to a mere 2-3 now in local papers. I've noticed less stock available and I've heard recent stories of tenants having difficulty finding something suitable as rentals are being snapped up. A recent example: in Bella Vista a 4bd 2bth modern home (approx 8-10 yrs old) that wasn't selling in low $700K's (last advertised price was $739K) got recently rented at $650 per wk with no problems. It had several parties through and was rented within two days. If that house sold for $720K or thereabouts that's a 4.7%gy. We're getting closer to the old 5% standard yields, even with price tags that exceed the first home buyer budgets.

Lower north shore lower price bracket ($250-400) rental market is booming, with one agent having 26 applications at the first open last weekend for a one bed unit in popular North Sydney. It may well be a yuppie location but the price tags are still affordable for most who desire being that close to work. Plus you get the extra benefit of saving all that money on tolls :)  

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