Rental crisis sees dad buy Sydney Paddington house for three kids to live in

The rent shortage is so severe that a generous father bought a house for his three children to share after they couldn’t find another one on sale.

A three-bedroom, three-bathroom townhouse at 89 Underwood Street, Paddington, in Sydney’s inner south-east, sold ahead of auction for $3.81m last week after being on the market for almost a month.

The home was taken over by the father whose three children, two sons and a daughter in their 20s, had been searching unsuccessfully for a rental property in the same area, a representative for PPD Real Estate told the outlet. Australian Financial Review.

There is a terrible shortage of rental properties. One father decided – he had two sons and a daughter, all in their twenties – since no one would rent to them in Paddington, he said: “I’ll buy you a house”. They are all moving. That’s your new share house.

The property (pictured) in the south-east Sydney suburb of Paddington was sold ahead of the auction.

According to the listing, the 2,000-square-foot, three-level property offers “a lush northeast-facing garden and sunny private lawn that offers a wonderful retreat from the fast pace of city life,” but does not include off-street parking. public road.

Australia’s massive shortfall in rental properties is reflected in monstrous queues for inspections and heartbreaking stories of families left without a permanent roof over their heads.

Ciara O’Loughlin, who moved from Dublin to Sydney in January, told Daily Mail Australia that each of the 12 properties she inspected in the eastern suburbs of the city had queues of up to 150 people.

“What I hear is that people are offering more than the asking rent to secure a place, so it’s very competitive,” Ms. O’Loughlin said.

Searching for rental properties across the country has become a ritual angst for many people (file image pictured)

The huge lines of tenants were seen on a TikTok he shared, with dozens of people filmed waiting on the sidewalk in front of various apartment blocks or crammed into hallways outside the units.

Similar scenes can be seen in other state capitals, such as Perth, where the WA Real Estate Institute revealed that the city’s rental vacancy rate fell to its lowest level since records began in December, with just 0 .6 percent.

Nationally, the rental crisis is so severe that official records do not show a comparable shortage of available rentals since the 1930s, when Australia, like much of the world, plunged into the Great Depression economy.

Ciara O’Loughlin filmed a crazy line of prospective tenants waiting outside an apartment inspection in the eastern Sydney suburb of Randwick in January.

“We really have to go back and look at periods like the Great Depression to find comparable situations for tenants in Australia right now,” said NSW Tenants Union chief executive Patterson Ross.

“Obviously we are not in the Great Depression. But we have to go back that far because we haven’t seen this kind of general pervasive system experience go bad.

“We haven’t seen vacancy rates this low where people are very concerned, very distressed about their chances of being housed in the next few weeks or months.”