I own three properties and I’m sick of Aussies blaming landlords for the rental crisis. Here are the two things really driving our country into the ground

A Gen-Z property investor who owns three properties has dismissed claims that landlords are responsible for Australia’s current rental crisis.

Harley Giddings, 24, has worked hard since adolescence and in every job ‘under the sun’ to own a home and is now the proud owner of multiple investment properties.

The young investor posted a TikTok tells his thousands of followers that he often “always” gets comments blaming investors for the housing shortage.

The savvy landlord said he can understand Australians’ frustrations but thinks this is “misplaced” as he firmly believes skyrocketing rents and housing shortages are due to high immigration and low building permits.

“In 2022 and 2023, the government allowed over a million migrants into the country,” he said.

Harley Giddings, 24, has a property portfolio consisting of three investment properties. He understands people are ‘hurtful’ but believes Australians are ‘misguided’ in blaming landlords for the rental crisis

‘Basic supply and demand’ is the reason for Australia’s housing crisis, according to the 24-year-old

‘According to the Australian Bureau of Statistics, this is the largest number of migrants Australia has ever allowed into the country since they started taking in.

“These one million migrants were allowed in at a time when Australia was already experiencing a housing crisis.”

Mr Giddings said when people arrive in Australia they are looking at renting and not buying. That’s why so many people attend rental inspections.

“Basic supply and demand,” he said.

The second reason the young property investor gave for Australia’s housing shortage was the low number of homes being built.

“We’re simply not building enough housing,” he said.

“In Victoria, my home state, we currently have the lowest number of building permits we have had in the last ten years.

“This issue applies to all of Australia.”

The 24-year-old cited research from the Institute for Public Affairs that by 2028 the housing supply in Australia will be short by 252,800 homes.

Many Australians agreed with the young investor and also blamed the government.

“Absolute masterstroke by the government,” someone wrote.

“Not to mention all of Victoria’s new investment tax laws – landlords are scrapping them,” said one.

“If you can’t keep up with supply, reduce demand,” wrote another.

Mr Giddings said the low number of homes being built in Australia is a major reason rents are rising so high (photo of people at auction)

However, other Australians were quick to blame the investor.

‘You’re the problem too. You can’t just blame construction and immigration. Do you know why people can’t afford to build? Because they can’t afford the price increases that have been chased by investors for decades,” one person wrote.

‘Investors and immigration: two problems [that] must be stopped,” said another.

Mr. Giddings told it Yahoo he understands that it would be very difficult to be a tenant at this time and that there is a lot of ‘pain’ as prices rise not only in rent, but also in everything else.

“I think there are a number of factors that are similar to exacerbating the housing crisis that are not caused by renters or landlords,” he said.

The investor, who became interested in real estate after reading several books and listening to podcasts about investing, made that clear Yahoo that he didn’t blame the people moving to Australia, but government policy.

Mr Giddings dropped out of university halfway through his business studies because he didn’t think it would bring him much benefit.

The 24-year-old instead worked two jobs, seven days a week, and saved more than $100,000 at age 22.

Mr Giddings, who describes his family as middle class, set out with his father to buy his first property, as told by Yahoo.

The young investor believes the government has created high rents and a competitive market by allowing one million migrants into the country in the middle of a housing crisis.

‘My parents are not really investment-conscious people. Dad is a firefighter, mom is a hairdresser. So he had the borrowing power because he was working full time and I had the savings,” he said.

The hard worker, who has always been interested in investing, bought outside his state of Victoria and invested in Western Australia instead.

“There are 15,000 suburbs in Australia, it is highly unlikely that the area you live in will be one of the best performing,” he said.

The first property cost the father and son $450,000, after which the 24-year-old used more savings to purchase a second property.

Mr. Giddings used the equity built up in the second property to purchase his third investment.

This impressive real estate portfolio was completed when he was only 23.

According to the Australian Taxation Office, most landlords are ‘mom and pop’ investors, with as many as 71 percent of landlords in Australia owning just one investment property.

Only 19 percent own two properties.

Work on just 163,836 new homes will have started in 2023, the lowest since 2012, according to the Australian Bureau of Statistics.

The problem is exacerbated by the shortage of 90,000 tradies, who are needed over the next three months so that the government’s housing plan can meet the deadline.

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